SAN FRANCISCO—For the third straight month, home prices in the Bay Area have continued to reach recording-breaking amounts.
The median sale prices of homes in San Francisco reached a record-high value of $712,000 last month – a one percent increase from May’s median price of $705,000 and a 7.9 percent increase from June 2015, where the median price of a home was $660,000, according to a new report from the data firm CoreLogic.
Bay Area home sales have seen a 6.5 percent drop since last year.
“When I first started in this business, [homes] were turning over about every five to seven years. Now, it’s seven to 10 years. They are staying in their homes, and that also affects the inventory,” President of the Bay East Association of Realtors, Kim Ott, told The Tribune.
Residents are moving into the Bay Area region at a faster rate than they are moving out, impacting the housing market.
CoreLogic analyst Andrew Lepage noted in the report that, “the affordability crunch is significant, and it’s constraining sales.”
The current median price for a home in California is $439,000, which is up nearly 6 percent from last June. Bay East’s Public Affairs Director, David Stark, told The Tribune, “Prices are still going up,” he added, “just not as aggressively or rapidly as we’ve seen the last few years.”
