Bay Area Home Price Gains Continue

According to the California Association of Realtors, home prices in the nine county Bay Area experienced a 12.2 percent year-over-year increase with a median price at $784,470 as of the end of February. The same Bay Area counties currently has a 3.0 month supply of inventory, an increase over January but down from February 2016.

Statewide, the number of active listings declined by 13.9 percent in February and continues a downward trend for the last 20 months or so.

Analysts predict the inventory level will continue to decline although the recent Federal Reserve statement that rates will probably rise two more times in 2017 may spur a short-term surge of activity as buyers and sellers try to beat the impending mortgage rate increases.

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