Bay Area home prices: Three counties set new records

http://www.dreamstime.com/-image14115451Not one, but three Bay Area counties set new jaw-dropping records as home prices continued to climb to vertigo-inducing heights.

Thank you for reading this post, don't forget to subscribe!

In February, median prices for resale, single-family homes in Santa Clara, San Mateo and San Francisco counties were the highest they’ve ever been — no small feat in a housing market where prices already are among the most expensive in the nation.

The records, unveiled Thursday in a report by housing data company CoreLogic, suggest no cooling in the red-hot market that’s padding sellers’ pockets while squeezing wannabe buyers and forcing many to leave in search of better deals.

Kevin Cole, president of the Santa Clara County Association of Realtors, called February’s price increases “amazing.”

“It just reflects the ratcheting up of what buyers are able to afford,” he said, “with large down payments, with possibly all cash, with low interest rates.”

In Santa Clara County, the median price for a resale, single family home hit $1.29 million last month — up 34 percent from the same time last year, according to the CoreLogic report. In San Mateo County, the median price reached $1.45 million — up 24 percent, — and in San Francisco it was $1.5 million, up 30 percent. …

Click here to read the full article from The Mercury News

Speak Your Mind

*

WP2Social Auto Publish Powered By : XYZScripts.com