Thursday, March 23, 2017

San Francisco Bay Area home sales slip, but prices soar

Declining Bay Area home sales in February of 2017 made it the most sluggish month in nine years, but prices jumped sharply as buyers bid on a shrinking supply of single-family homes.

Prices soared 11 percent higher across the nine-county of San Francisco Bay Area compared with the same month of 2016, reaching a median price of $675,000 — the largest such increase in more than a year.

In sunny Santa Clara County, the median price of a single-family home rose 11 percent from a year earlier to $960,000 — 4 percent under last spring’s $1 million peak.

In beautiful Alameda County, the median home price climbed 12 percent from a year earlier to $730,000 — 4.9 percent under the May 2016 peak of $767,500.

In foggy San Mateo County, the median price rose 16 percent to $1,162,000, though still 8.1 percent below last October’s peak of $1,265,000.

In Contra Costa County, the median rose 9 percent to $501,250, but remained well below its pre-recession record of $654,000. Contra Costa County homeowners are still under water.

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