The median price of single-family homes in the San Jose metro area has exceeded $2 million, making it the first region in the country to reach this milestone.
The National Association of Realtors recently reported that single-family home prices in most metropolitan areas nationwide increased last quarter. In San Jose, home prices reached $2,008,000, reflecting an 11.6% rise compared to the same period last year. San Francisco ranked as the second most expensive metro area for single-family homes, with prices climbing to $1.5 million, an 8.5% increase from the previous year.
It’s no surprise to anyone following real estate prices in the area, as the California Association of Realtors recently reported that both San Mateo County and Santa Clara County surpassed the $2 million mark in April. This isn’t difficult to achieve, especially considering the region includes the nation’s most expensive zip code for the seventh consecutive year.
NAR Chief Economist Lawrence Yun stated in an email to SFGATE, “The Bay Area is not building enough housing, which is turning it into a playground solely for the wealthy. As a result, middle-income families will have to move further away to places like Modesto and Sacramento.”
The Anaheim-Santa Ana-Irvine metro area ranked third in median home prices last quarter and saw one of the largest percentage increases nationwide, with the average home now costing $1.4 million, a 15% rise from the previous year. California metros accounted for seven of the ten most expensive areas, though many cities across the U.S. are seeing faster price growth.
In April, the median home price in California surpassed $900,000 for the first time, setting a new state record. Despite relatively high interest rates and concerns about a slowing economy, California home prices continue to rise.
