It’s a seller’s market in the Bay Area right now. Inventory is low, particularly in San Mateo County.
DataQuick said Wednesday that the median sales price for new and existing houses and condominiums reached $579,000 in March, up 7 percent from $540,000 the previous month and up 23 percent from $470,000 in March 2013. It is the 24th straight annual increase and the highest level since December 2007.
A research firm says San Francisco Bay area home prices cooled last month as inventories grew and investor interest declined.
Despite low mortgage rates and attractive prices for starter homes in many pockets of the Bay Area, plenty of first-time home buyers are finding the door closed to them, nonetheless.
There’s more evidence that the Bay Area housing market is finally on the road to recovery as property values are surging across the region.