San Francisco Real Estate Forecast
Bay Area Home Prices Sizzle in July
TAKEAWAY POINTS
- Median prices for condominiums in San Francisco have been especially strong, with a 12 percent increase over last July.
- Home prices have soared across the whole region. The median home price in the Bay Area increased 11 percent to $861,750.
- Bay Area luxury home sales posted a 31 percent increase from last July.
- Inventory is falling at twice the rate in San Francisco and Silicon Valley than in other Bay Area regions.
- While strong market activity is raising some eyebrows, buyers are still coming with plenty of cash and large down payments.
Median Prices in The Bay Area. Source: California Association of Realtors
Supply-and-demand inequities and tight inventory conditions are fueling home prices this summer. The chart above analyzes the Bay Area’s more expensive regions: San Francisco, Silicon Valley and Marin County. In these areas, the median price has increased between 20 percent and 30 percent from the annual lows.
Median prices for condominiums in San Francisco have been especially strong, with a 12 percent increase over last July. San Francisco, which has seen moderate median price growth this year, posted a solid rebound since the beginning of 2017. In July, the median price in San Francisco was 7 percent above last July and 4 percent higher year to date.
Taken together, median price growth in the region is somewhat stronger than most experts predicted this year. A rallying stock market, strong employment growth, and insufficient for-sale inventories have all helped drive demand and prices. Many pundits have consequently wondered if we have entered yet another frothy housing market period.
For more information on the bay area real estate market, click here.
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