Despite the shrinking supply of available homes on the market, Bay Area housing sales rose in August. It was the busiest August in four years, as prices climbed on a year-over-year basis — by…
Despite the shrinking supply of available homes on the market, Bay Area housing sales rose in August. In fact, it was the busiest August in four years, as prices climbed on a year-over-year basis — by nearly 12 percent.
The median price of a home in the nine-county region was $742,000, according to the CoreLogic real estate information service.
Related Articles
East Bay real estate: Lots more million-dollar homes, but pockets of affordability
Proposed agreement will ensure thousands of new livable wage jobs at Port of Oakland
Bay Area housing report: More starter homes are coming — OK, but who will be able to afford them?
Housing affordability is a growing statewide crisis — and Bay Area prices are soaring again
Housing woes spur Bay Area residents to ponder exodus from costly region, poll says According to CoreLogic’s latest report, the Bay Area eeked out a 1.7 percent year-over-year increase in sales as buyers shifted toward mid-to-high-cost deals. An 11 percent gain in deals for homes costing more than $500,000 “compensated for a 20 percent drop in sales below $500,000,” said Andrew LePage, research analyst for CoreLogic.
Looked at from a month-to-month perspective, sales increased more dramatically — by 11.7 percent over July.
Once again, the tight housing supply was key to the market’s behavior. With buyers hellbent on securing properties, they burned through the existing inventory and drove up prices yet again.
“Inventory remained tight, but San Francisco Bay Area home sales reached a four-year high for the month of August, rising about 2 percent year-over-year,” LePage said. The Bay Area’s 11.6 percent year-over-year gain in its median sale price in August 2017 ” was the highest for any month in more than a year and a half — since it rose 14.4 percent in January 2016.”
Here are a few more highlights of the report, which covers single family homes, condominiums and townhouses.
In Santa Clara County, year-over-year sales rose 9.6 percent and the median price rose 13.3 percent to $935,000, again on a year-over-year basis. In San Mateo County, sales rose 0.3 percent and the median price rose 11.3 percent to $1,134,750.
In the East Bay, sales dipped slightly in Contra Costa County — 0.9 percent on a year-over-year basis — as the median price rose 12.4 percent to $572,000. In Alameda County, sales were up 3.3 percent and the median jumped 11.7 percent to $752,000.
And here’s the year-over-year breakdown for single family homes:
In Santa Clara County, sales rose 15.8 percent and the median climbed 14.6 percent to $1,054,500. In San Mateo County, sales dipped 4.9 percent while the median increased 7.6 percent to $1,264,000.
These are the numbers for Contra Costa County: sales up 3.9 percent; median price up 13.7 percent to $580,000. In Alameda County, sales slipped 0.1 percent, while prices rose 12.5 percent to $810,000.
For the Bay Area as a whole, single-family home sales increased 4.4 percent in August and the median price jumped 12.3 percent to $775,000.
