Tight housing supply pushed Bay Area home prices higher yet again in December, extending year-over-year, double-digit gains for the fifth straight month — and overall gains to an historic 69 straight months.
“Locally the lack of supply and high demand continues to push home prices to new levels. With that said we continue to be an affordable area compared to many other Bay Area cities. Working with a qualified professional is a key to a successful transaction.” Bill Facendini, President & Broker
The median sales price for a single-family home in the nine-county region rose to $765,000 in December, up 13.8 percent from last year, according to real estate firm CoreLogic.
The latest data continues a Bay Area housing narrative now stretching toward six years — a rollicking market great for property owners but punishing to newcomers and middle-income families hoping to buy.
Single-family home sale prices in Santa Clara County raced up 35 percent during the last year, reaching $1.17 million in December. San Mateo County closed the year with a 17.6 percent gain in sales prices to $1.36 million. Bargain hunters in Alameda County drove up prices 16.8 percent to $800,000.
SEE WHAT THEY ARE SAYING ABOUT THE SAN JOSE METRO AREA…
The San Jose metro area could be the nation’s hottest housing market this year as buyers seek more affordable prices near high-paying jobs.