Record high prices for Bay Area homes in April

Record highs, once again.

The median price paid for Bay Area homes — single family, condominiums and townhouses — hit a new peak for the nine-county region in April: $686,000, surpassing the prior peak of $665,000 set in June and July of 2007.

The new regional high — up 5.5 percent from March 2016 and up 4 percent from the year before — was only part of the story. According to CoreLogic, the real estate information service, Santa Clara, Alameda and San Francisco counties also set record sale prices: $860,500 in Santa Clara (up 3.7 percent from March 2016), $685,500 in Alameda (up 6.7 percent) and $1,300,000 in San Francisco (up 13 percent).

 Record high prices for Bay Area homes in April

The $520,000 median price in Contra Costa County was up 3.2 percent month-over-month, while San Mateo County’s $990,000 median represented a 5 percent month-over-month boost.

Across the nine counties, 7,518 homes were sold in April, up 7.7 percent from March, but down 7.3 percent from the year before. April’s year-over-year decline in sales was just the second time in the last 12 months that sales have fallen on a year-over-year basis.

“It’s no surprise that in a month when the San Francisco Bay Area’s median home sale price hit a record high the region also logged a year-over-year decline in sales, which remained well below the long-term average,” said Andrew LePage, research analyst for CoreLogic, which has charted the numbers since 1988. “Low mortgage rates, job growth and other drivers have stoked demand, but the supply of homes for sale — especially in the low-to-middle price ranges — hasn’t kept pace, leaving many would-be buyers struggling with a thin and increasingly expensive inventory.”

Contact Richard Scheinin at 408-920-5069, read his stories at www.mercurynews.com/richard-scheinin and follow him at www.twitter.com/RealEstateRag

Article source: http://www.mercurynews.com/business/ci_29908398/record-high-bay-area-homes-april

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