The Bay Area’s Median Home Price Climbs to $1 Million in May
Strong year-over-year home price appreciation continued in the Bay Area in May, pushing the median sales price to $1 million. Pacific Union Chief Economist Selma Hepp offers an in-depth analysis of the latest Bay Area real estate market conditions. Read full article #bethanywpatten
- The Bay Area’s median home price reached $1 million in May, a 17 percent year-over-year increase, with Silicon Valley continuing to post 30 percent appreciation.
- Homes sales activity matched last May, with San Francisco showing the strongest gain, up by 7 percent year over year. Napa County sales were slower than last year. Higher-priced sales rose up by about 30 percent.
- Activity in Napa and Sonoma counties was relatively slower than in the rest of the Bay Area.
- More new listings helped boost sales, especially for homes priced between $1 million and $2 million, which posted a 26 percent increase from last May. Santa Clara County listings jumped the most, at 14 percent.
- Other housing-market indicators also suggest strengthening demand:
- Homes generally sold in 12 days across all price ranges.
- The share of homes that sold for more than asking price trended higher again, moving up to 75 percent.
- The average share of sales that had price reductions also trended lower, bottoming out at 7 percent in March and remaining at 9 percent in May
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