Oakland, California –
According to recent data, the Bay Area experienced the largest year-over-year increase in home prices in California last month despite a decline in statewide home sales.
The number of homes sold throughout the state has been impacted by mortgage rates, according to the California Association of Realtors (C.A.R.), which reached their highest points since late last year.
Solano County in the Bay Area witnessed a more than 20% drop in sales in May when compared to the same month last year.
In Napa County, sales decreased by 7.5% as well.
Other than a minor.06% fall in Sonoma County, most of the region was spared the statewide sales decline.
The number of properties sold in San Francisco increased by more than 20%, which was a noticeable increase.
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The largest double-digit gain in property prices in the state occurred in the Bay Area overall from a year ago.
Compared to the same period last year, when the median price for an existing single-family house was $1.3 million, the median now exceeds $1.45 million, an increase of about 12%.
“Over the past few months, California’s median home price has continued to rise to new record highs due to a persistent shortage of homes for sale, particularly in the more affordable market segments,” stated Jordan Levine, chief economist and senior vice president of C.A.R.
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Experts in the field also pointed out that median prices might continue rising after mortgage rates return to their previous high levels, with rises expected before the end of the summer.
In terms of Bay Area property values, San Mateo County had a dominant position, with a median price of $2.4 million last month, up 15.7% from the previous year.
County Santa Clara came next, with $2.1 million.
The value of Marin County was $1.8 million. The median income in San Francisco was close to $1.7 million. The value of Alameda County exceeded $1.37 million.
According to the May data, the median for three counties was less than one million: Contra Costa County’s median was $942,500, while Napa County’s was $987,000.
With a median income of $605,000, Solano County was at the bottom, significantly less than the state average of $908,040.
Additionally, the county saw the largest growth in the number of houses for sale with active listings over the previous year—more than 85%.
