Bay Area prices going up

[Fernando]

Mercury News reported this from last week:

In Santa Clara County, the median home price hit $2 million for the first time — a record-breaking figure that surpasses even pandemic-era highs, April data from the California Association of Realtors shows. Meanwhile, in San Mateo County, the median sales price was $2.15 million — down from its peak of $2.4 million in April 2022, but up 9.1% from April 2023, when the median price was $1.97 million.

Across the nine-county Bay Area, prices were up 15.5% from last year, reaching a median sales price of $1.44 million. The median price climbed to $1.4 million in Alameda County, $940,000 in Contra Costa County, and $1.8 million in San Francisco.

Sales of previously-owned homes increased 23% from last year, as the spring selling season hit its peak, even with 30-year fixed mortgage rates hovering around 7

 

[David S]

Cheer!

 

[Fernando]

The Bay Area has 33 ‘two-million-dollar’ cities. Here’s where they are

Many former humble towns have become wealthy enclaves as residents fight back new development.

www.eastbaytimes.com

Top-priced housing markets in the Bay Area​

The nine-county Bay Area has 33 cities where the typical home value exceeds $2 million.

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Table with 3 columns and 103 rows. Currently displaying rows 1 to 20.

City	County	Typical Home Value (Apr. 2024)
Atherton	San Mateo County	$7,682,309 $7,682,309 $7,682,309
Los Altos Hills	Santa Clara County	$5,937,791 $5,937,791 $5,937,791
Hillsborough	San Mateo County	$5,305,629 $5,305,629 $5,305,629
Los Altos	Santa Clara County	$4,474,587 $4,474,587 $4,474,587
Belvedere	Marin County	$4,474,413 $4,474,413 $4,474,413
Monte Sereno	Santa Clara County	$4,373,299 $4,373,299 $4,373,299
Portola Valley	San Mateo County	$4,070,793 $4,070,793 $4,070,793
Saratoga	Santa Clara County	$4,038,812 $4,038,812 $4,038,812
Ross	Marin County	$3,884,509 $3,884,509 $3,884,509
Woodside	San Mateo County	$3,773,686 $3,773,686 $3,773,686
Stinson Beach	Marin County	$3,707,585 $3,707,585 $3,707,585
Palo Alto	Santa Clara County	$3,589,863 $3,589,863 $3,589,863
Diablo	Contra Costa County	$3,188,918 $3,188,918 $3,188,918
Stanford	Santa Clara County	$3,149,677 $3,149,677 $3,149,677
Cupertino	Santa Clara County	$3,045,151 $3,045,151 $3,045,151
Tiburon	Marin County	$3,042,722 $3,042,722 $3,042,722
Kentfield	Marin County	$2,708,857 $2,708,857 $2,708,857
Emerald Lake Hills	San Mateo County	$2,699,259 $2,699,259 $2,699,259
Menlo Park	San Mateo County	$2,694,830 $2,694,830 $2,694,830
Burlingame	San Mateo County	$2,682,363 $2,682,363 $2,682,363

 

[Fernando]

Even East Palo Alto (once murder capital of US) has typical home of $1,000,148.
Can't go wrong buying a house in the Bay Area.
Living near the rich helps you rise up.

 

[Tom D]

Living near the rich helps you rise up.

and keeps the poor white trash away from you.

 

[Fernando]

and keeps the poor white trash away from you.

East Palo Alto changed in past decades as more immigrants moved in as EPA is cheapest place to buy a home in Silicon Valley.
Thank goodness for immigrants with American Dream of owning their homes.
And Facebook building their headquarters near there helped. Always need laborers.

 

[Fernando]

Today CA gas tax increased another 1.7 cents. I think that brings a total of $1.61/gallon. Gas taxes just keep going up. Go EV!

 

[Fernando]

Home prices continue to increase in Bay Area last month. Because of anticipation of low mortgage rates coming which will increase prices, buyers were out there buying.
Unfortunately, supply hasn't met demand.
CA has Prop 13 which caps property tax increases based on assessed value at time of purchase, thus disincentivize owners from selling.
And Capital gains tax also a deterrent.
However, I heard there's a bill called More Homes on the Market Act which would allow homeowners to pay less in capital gains taxes when selling.
That's a good idea to bring balance back to supply and owners to profit more.

 

[Fernando]

Silicon Valley home prices top $2 million as California has 8 of 11 costliest US metros

It’s the first time a US metro area has exceeded that threshold, by National Association of Realtors math.

www.siliconvalley.com

Silicon Valley home prices top $2 million as California has 8 of 11 costliest US metros​

The median home price in Silicon Valley topped $2 million in the second quarter – the first time a US metropolitan area has exceeded that threshold – as California claimed eight of the nation’s 11 priciest places to buy a home.

By National Association of Realtors math, the price for an existing single-family house in the San Jose-Sunnyvale-Santa Clara area rose 12% in the second quarter from a year earlier to $2.08 million. No metropolitan area in the country had previously exceeded $2 million, the group said.

 

[Fernando]

Median Home Price by State (2024)

Many Americans struggle to obtain homeownership. Comparing the median home price by state helps contextualize local housing markets.

www.usatoday.com

• The U.S. median home price was $440,000 as of May 2024.
• California has the highest median home price ($861,000) and Mississippi has the lowest ($236,000).