Bay Area Home Prices Continue to Soar

Bay Area home prices are continuing to surge, reaching record levels once again in June. Per The San Jose Mercury News, the median price of a single family home hit the $1.2 million mark. The gains are seen as a byproduct of aggressive homebuyers competing for houses that are close to major tech hubs.

When compared to home prices a year ago, when COVID restrictions were at their peak, home tours were at an all-time low, which slowed sales and deflated the market. Now, with many Bay Area counties seeing high vaccination numbers, buyers and sellers are more willing to view homes/let people into their homes.

According to the Mercury News:

The median sale price for an existing Bay Area home in June rose 27% year-over-year to $1.62 million in Santa Clara County, grew 25% to $898,000 in Contra Costa County, jumped 11% to $1.83 million in San Mateo County, increased nearly 30% to $1.2 million in Alameda County and went up 10% to $1.83 million in San Francisco, according to CoreLogic data.

Although recent trends have been pointing upwards, home prices in June rose at a slower pace compared to how they rose in May. This could be a result of buyers being more cautious as a result of heavy suburban community mortgages. Regardless, these are very encouraging numbers and they point to how strong the Bay Area real estate market continues to be.

However, these higher home prices will result in more homeowners putting their homes on the market. Over time, this may reduce home prices, so if you are considering selling your home, now is the time to do it!