Bay Area Home Prices Increase 19% In One Year

A recent article by Kathleen Pender, Net Worth Plus, in the San Francisco Chronicle, stated that Bay Area home prices rose 1.1 percent in may, 2014 over April and 18.9% over May 2013! Prices in the area are now the highest they’ve been since November, 2007. The median price is now $629,000, still below the all-time high of $665,000 in June and July, 2007. The low remains $290,000 in March, 2009.

The number of sales, however, remains low although up 4.5 percent from April but down 7.5 percent from May 2013.

Absentee buyers – usually investors – remain relatively constant at approximately 20%.

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