Or, are we only just beginning to climb?
After a period of flat median housing prices, the San Francisco Bay Area median home price has bounded upward like a speeding bullet train. It’s tough to figure out, however, if it is a typical California bullet train to nowhere or a sign that the economy is beginning to boil and pop.
According to the CoreLogic Data Brief for the San Francisco Bay Area, the Bay Area median home price hit $657,000 in April 2015. It is approaching the all-time high of $665,000 that was set in June and July of 2007. It does, however, appear to be driven by more sales at the upper end of the price range as 66% of the home sales in April were above the $500,000 mark.
In keeping with the April employment trends, Marin, Solano and Sonoma did not participate in the big bounce this past month. It will be an interesting summer around the BBQ pit after board surfing on the Bay… I’ll be the guy with the camera, not the wetsuit.
See my summary of the April 2015 DQ CoreLogic figures here.