Bay Area Housing Prices Rise To Four-Year High

Bay Area Housing Prices Rise To Four-Year High

Bay Area Housing Prices Rise To Four-Year High

Bay Area Prices and Median Sales Numbers For Homes Reach Four-Year High

Anyone even remotely interested in real estate in the Bay Area has noticed the resurgence in Bay Area housing the last few months and the numbers in July showed how eager buyers pushed the prices to four-year highs.

The Bay Area region marked its 13th consecutive month of yearly sales increases, in addition the median sales price for all types of homes in the nine-county Bay Area struck its highest point — $421,000 — since 2008, according to numbers from DataQuick.

The recovery can be attributed to a number of factors including the dearth of foreclosure inventory as well as low interest rates. The low rates and scarce inventory have caused most fairly priced properties to draw multiple offers.

In the past few months, the median sales price of single family homes climbed to its highest level since mid-2008 in Contra Costa, Alameda and Santa Clara counties. The June level in San Mateo marked the highest point since mid-2010.

Overall Bay Area sales shot up almost 23 percent from a year ago, and prices soared 12.6 percent.

All Bay Area Counties Show Rise In Median Sales Numbers

All Bay Area counties showed a rise in median sales prices with Alameda County at $435,500, up 24.4 percent from July 2011, while over in Contra Costa County, the number elevated to $320,000, up 18.5 percent from a year ago. Santa Clara County shot up 15 percent from 2011 with a median sales price of $650,500, while San Mateo County’s median price of $699,000 notched an 8 percent gain from a year ago.

We know that interest rates will not continue to remain at there current levels so when they rise expect some of the buyers to drop off. Fewer buyers will cause prices to level off or even drop. Of course we have the November election which may cause some shakeup as well.

Stay tuned.

Bay Area Housing Prices Rise To Four-Year High

Bay Area Housing Prices Rise To Four-Year High

Bay Area Housing Prices Rise To Four-Year High

Bay Area Housing Prices Rise To Four-Year High

Bay Area Housing Prices Rise To Four-Year High

Bay Area Housing Prices Rise To Four-Year High

Bay Area Housing Prices Rise To Four-Year High

Bay Area Housing Prices Rise To Four-Year High

Bay Area Housing Prices Rise To Four-Year High

Bay Area Housing Prices Rise To Four-Year High

Bay Area Housing Prices Rise To Four-Year High

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Filed under California, San Francisco, San Mateo county

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