Bay Area housing prices: Up, up, and up again

The numbers keep moving in just one direction: Up.

The CoreLogic real estate information service has released its latest Home Price Index, and it reiterates the inevitable: Year-over-year home prices in the Bay Area’s metropolitan areas are continuing to appreciate at a clip.

July prices in the San Jose-Sunnyvale-Santa Clara metro were up 8.0 percent from a year earlier. They jumped 7.2 percent in the Oakland-Hayward-Berkeley metro and 7.1 percent in the San Francisco-Redwood City-South San Francisco metro.

That’s fat appreciation, driven by supply and demand — little of the former and a lot of the latter.

But the appreciation is even fatter in the states of Washington and Utah, which experienced double-digit annual increases.

Nationally, July prices rose 6.7 percent year-over-year.

“Home prices in July continued to rise at a solid pace with no signs of slowing down,” said Frank Martell, president and CEO of CoreLogic. “The combination of steadily rising purchase demand along with very tight inventory of unsold homes should keep upward pressure on home prices for the remainder of this year. While mortgage interest rates remain low, affordability cracks are emerging as over a third of U.S. top cities are now overvalued.”

Nationally, CoreLogic projects an additional 5.0 percent increase in prices between July 2017 and July 2018.

Last week, CoreLogic released a county-by-county analysis of Bay Area housing prices. That study’s methodology is somewhat different than the one used to compute this week’s index, but the trends illustrated by the two reports are similar.

Last week’s analysis showed the year-over-year median price of a single-family home was $804,000 in July, up 10.1 percent for the nine-county region — even in the supposed doldrums of summer.

The median price of a single-family house in Santa Clara County was $1,097,000, up 11.0 percent year-over-year. San Mateo County’s median sale price was $1,310,000, up 4.8 percent from July 2016, while Alameda County’s median was $825,000, up 11.2 percent, and Contra Costa County’s median was $585,000, up 8.3 percent.

Photo: “For sale” sign outside house in Pleasanton, CA (Courtesy/Redfin)

 

 

 

 

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  • ErikKengaard

    Over populated.

  • TheOne

    Too many regulations and NIMBYs that prevent more housing to be built to add to the current dismal supply.

  • BigDaddyKevin78

    what do you expect when you have low inventory of homes to sell in the Bay Area and lots of illegals. Ofcourse prices will go up. It’s called supply and demand which activists and CA democrats will never understand but they rather demand more taxes to make them feel good about themselves. Smh

 
 
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