Bay Area Housing Market Remains Steady, New Report Shows

sfbay Bay Area Housing Market Remains Steady, New Report Shows

 Summer vacation season is upon us and with it, the usual slowdown in activity. Vacations, graduations, weddings and other events divert buyers’ and sellers’ attention from real estate. Nonetheless, the Bay Area’s housing market continues to move ahead with sales edging higher and prices climbing steadily compared to this time last year.

 A report released this week by DataQuick, the La Jolla-based real estate information firm, found that the median price for new and existing home sales last month in the Bay Area rose 11.4 percent to $618,000 compared to June 2013. The biggest increase was 14.9 percent in San Mateo County, and the highest median price was once again in San Francisco, which hit the $1 million mark.

 Sales edged 0.2 percent higher from last June to 7,915 units with the biggest gains in San Francisco, which recorded a 6.4 percent increase in transactions. The biggest decline was reported in Alameda County with a 3.6 percent year-over-year drop.

 What’s driving the higher prices and steady sales? A strong local economy, including the high-tech sector, and well-qualified buyers competing for a limited number of homes on the market. “Trends in the Bay Area lead the rest of the state by at least half a year,” said John Karevoll, DataQuick analyst. “The reason is straight out of Econ 101: Jobs.”

 While the numbers represent good news overall for the health of our housing market, DataQuick says there are still headwinds we need to deal with.

 Although sales have rebounded from their recessionary lows, they remain below long-term norms, analysts say. Additionally, potential buyers are still struggling with a limited supply of homes for sale, prices near or at new peaks, and a still-constricted mortgage environment, DataQuick noted.

 Many of those issues can be solved with an increase in inventory to meet the robust buyer demand in our area. We’re gradually seeing more listings come on the market in some of our communities, and that could provide much-needed relief for frustrated buyers. Here’s hoping that trend continues as summer rolls along.

 Janice Lee
415-832-9151
JaniceFLee@gmail.com
www.JaniceLeeHomes.com
BRE #01720205
Location: 1390 Noriega Street, San Francisco, CA 94122, USA

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