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Uploaded: Thursday, August 16, 2012, 10:36 AM
Bay Area real estate prices highest in four years
Median sale prices jump in Santa Clara and San Mateo counties
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Bay Area home sales are continuing to rise, with the median sale price the highest it has been in nearly four years, according to a real estate report released Wednesday, Aug. 15.
In the nine-county Bay Area, 8,461 homes were sold last month -- a 22.9 percent increase from the same time last year, according to a report by the real estate information service DataQuick.
The average figure for July, based on data recorded since 1988, is 9,371 home sales. The median price for a new home or condo was $421,000, which is a 1 percent increase from $417,000 in June and a 12.6 percent jump from July 2011. July's median price was the highest recorded since it was $447,000 in August 2008.
The increase appears to be connected to a higher share of sales in the mid-to-upper price ranges, according to DataQuick. Median sale prices in Santa Clara, San Mateo, San Francisco, Alameda, Contra Costa, Solano, Marin, Napa and Sonoma counties all increased in the past year, with Napa County seeing the biggest price increase at a 32.6 percent jump. Median prices in that county were at $281,000 in July 2011 and reached $372,500 this July, according to DataQuick.
The highest home prices in the region this summer are in San Francisco with $714,000 listed as the median cost, while the lowest can be found in Solano County at $188,000.— Bay City News Service Are you receiving Express, our free daily e-mail edition? See a sample and sign-up for Express.
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Posted by jupiterk, a resident of the Gemello neighborhood, on Aug 16, 2012 at 2:32 pm housing prices are going to Mars followed by apartmental rental prices. Middle class is going to get screwed while the greedy vulture capitalists are fuelling such dramatic increases in everything in this area by marketing these phony useless companies like facebooks, zyngas,linked-ins,etc..People are willing to pay $2000 for a crappy apartment is really sickening and people willing to shell oput $500K for a 1BR/1BA is absurd. When will people realize that they are going to get screwed and will lose their shirts and pants down the road?
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Posted by Old Ben, a resident of the Shoreline West neighborhood, on Aug 16, 2012 at 2:49 pm Only a fool would buy at these prices.
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Posted by Morrison, a resident of the Old Mountain View neighborhood, on Aug 16, 2012 at 3:08 pm Jupiterk, why don't you just move somewhere else? You exhibit little understanding of either business or real estate. Its very expensive to live here. Not everyone can afford it. Welcome to "Life 101".
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Posted by Steve, a resident of the Sylvan Park neighborhood, on Aug 16, 2012 at 3:09 pm And the politicians salivated at the thought of more propery tax revenue. Thankfully, we with modest incomes have prop 13 to protect us from ridiculous spending plans that might almost seem reasonable to those more affluent.
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Posted by Morrison, a resident of the Old Mountain View neighborhood, on Aug 16, 2012 at 3:19 pm Are you people so dispirited that all you can do is complain? Go and create something of value; become productive members of society. Society owes you nothing. Figure out what you want to contribute to society, and do it. You'll be much happier!
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Posted by Kenny, a resident of the Old Mountain View neighborhood, on Aug 17, 2012 at 4:35 am I'm proud and gladly defend the fact that people can not afford to own a home in the same city as where they work. Who in their right mind would want their maid to be their neighbor???
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Posted by Old Ben, a resident of the Shoreline West neighborhood, on Aug 17, 2012 at 7:14 am A massive correction is coming, and soon. Houses will be affordable once again, probably by next Spring. Anybody who buys now is going to get hosed by the market swing.
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