Single-family home prices in the Bay Area surge by 14% within a month

In February, Bay Area housing prices rose in line with a statewide pattern, as indicated by a recent report from the California Association of Realtors.

In February, the median price for existing single-family homes in the Bay Area rose to $1.25 million, marking an increase from the previous month’s $1.1 million and surpassing the $1.02 million price recorded a year ago.

Statewide, the median price for existing single-family homes reached $806,490 last month, up from January’s $789,480 and significantly higher than the $735,300 figure from a year prior.

San Mateo County claimed the highest median home price in the state in February at $1.92 million.

In February, California’s statewide sales pace surged by 12.8% compared to January, reaching a total of 257,040 homes sold. This marked the second consecutive month of double-digit gains and a 1.3% increase from the previous year’s figures.

Despite showing moderate improvement, the year-over-year comparison was less pronounced. Although it’s anticipated that sales will taper off slightly in the first quarter of 2024, the year-to-date data indicates a positive trend, with a 3.4% increase in statewide home sales.

The California Association of Realtors (CAR) suggests that this sets the stage for a more promising spring home purchasing season compared to the previous year.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *