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Bay Area home prices up slightly in August compared with last year

 

The median cost for a Bay Area home rose slightly in August compared with the same period last year partly due to low interest rates and job growth, according to research firm CoreLogic.

The median price for new and existing single-family homes and condominiums in the nine-county region rose to $675,000 in August, up 5.2 percent from August 2015, according to a monthly real estate report by CoreLogic.

"Job growth, low interest rates, household formation and other factors helped drive sales," said research analyst Andrew LePage.

Buyers scooped up 8,374 homes in the Bay Area this August, up 3.2 percent from last year but 11 percent below the month's long-term average since 1988, when CoreLogic began collecting data for its report.

The Bay Area's median home sales peaked in June this year when prices hit a record $710,000, according to the report.

"The region's median sale price has risen on a year-over-year basis for nearly four-and-a-half years, and while those gains are consistently double-digit -- as high as 33 percent -- between mid-2012 and mid-2014, they have since been single-digit and fairly steady, averaging about 7 percent over the past two years," LePage said.

The Bay Area's highest price for August was in San Francisco, where the median cost of a home was just above $1.1 million, and San Mateo County wasn't far behind at $1.06 million. Solano County posted the lowest median price at $385,000 but also the highest percent increase over the same period last year at 13.4 percent, according to CoreLogic.

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