California's Highest Home Prices Found in Bay Area #homeownership #realestate #assets

Source:  NBC Bay Area

Supply and demand economics are escalating housing prices across California, particularly in the Bay Area.

In June, the state's median home price was $555,150, representing a 0.9 percent increase from May and a whopping 7 percent jump from June 2016, according to a new report by the California Association of Realtors.

In the Bay Area, meanwhile, housing supply cannot keep pace with job growth, hiking up prices.  The local median home price climbed to $908,740, a 1 percent bump from May's $899,730.  But, at just shy of a million dollars, that price tag is 7.9 percent higher than June 2016's $841,960, outpacing the statewide cost increase.

A closer look at the report's year-over-year sales growth reveals that Santa Clara County's median home price jumped 12.6 percent to $1,182,500 while Alameda County's rose 12.1 percent to $900,000.  It increased 9.8 percent to $1,433,750 in San Mateo County, 8.8 percent to $1,469,000 in San Francisco County and 5.6 percent to $660,000 in Contra Costa County.

Check out the full story here:
http://www.nbcbayarea.com/news/local/Bay-Areas-Tight-Housing-Market-Reflected-in-States-Highest-Home-Prices-435271133.html

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