Housing prices in the Bay Area jumped 14.7 percent from 2017 and hit a new peak of $820,000 in March 2018, according to data released Wednesday by housing research firm CoreLogic. Sam Brock reports.
Housing prices in the Bay Area jumped 14.7 percent from 2017 and hit a new peak of $820,000 in March 2018, according to data released Wednesday by housing research firm CoreLogic.
San Mateo County had the highest median sale price at $1.3 million, followed closely by San Francisco, Santa Clara and Marin counties, according to CoreLogic.
Solano County had the lowest median price at $425,000, and Sonoma and Contra Costa counties both stayed below $600,000.
Santa Clara County is currently seeing the highest rate of change in year-over-year estimates, according to CoreLogic. Median home prices jumped 33.6 percent from $898,000 in March 2017 to $1.2 million in March 2018.
Ralph McLaughlin, chief economist and founder at consulting firm Veritas Urbis Economics, helped break down the numbers in the CoreLogic report.
“i think there’s a serious threat to the economic sustainability of the region, especially if our middle and low-income households, police, nurses, firefighters, teachers, can’t afford to live here," McLaughlin said.
Researchers said "jumbo loans," which allow more expensive loans in high-cost areas, comprised 62.6 percent of all home purchases in March 2018.
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In the last 30 years, the organization says home prices in the Bay Area have gone up by 39.8 percent. A total of 7,122 homes were sold in the Bay Area in March alone.
"If you own a house, there’s a chance that you actually made more money from your house appreciating than you did from your job last year," McLaughlin said.
According to the city and county of San Francisco, there are currently 196 single-family homes on the market.
NBC Bay Area's Sam Brock contributed to this report.
