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San Francisco Median Home Sale Price Jumps $205K In 6 Months

SAN FRANCISCO (CBS SF) -- The demand for real estate in San Francisco shows no sign of cooling off, as the median price of a home sold in the city jumped an astonishing $205,000 in the first half of 2018.

A new report from the Paragon Real Estate Group using MLS data found the median home price jumped from $1.415 million at the end of 2017 to $1.62 million by the end of June, a jump of 14.5 percent.

The median price of condominiums also rose significantly in the first half of 2018 from $1.15 million to $1.221 million, a jump of $71,000 (6.2 percent.)

In its report, the real estate company stressed that it is not a given that prices will continue to rise at the same rate in the second half of 2018. The company said that over the past seven years, home values appreciated the most in the spring.

Paragon said the heat of the market has been "among the most blistering ever," despite rising interest rates and changes to federal tax law limiting the mortgage interest and property tax deductions.

For potential homebuyers, blistering may be an understatement. Recently, a Castro District home that was destroyed in a fire and was described as a "drug den" by city officials sold for $2 million, above list price.

Earlier this year, the cheapest single-family home for sale in San Francisco was a two-bedroom cottage that was less than 600 square feet listed for $649,000.

A recent survey by the Department of Housing and Urban Development said that a San Francisco family of four with a household income of less than $117,400 could be considered "low-income."

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