The Real Deal New York

San Fran’s “feverish” housing market hits a new record

The median sale price of a house is now $1.6 million.
April 07, 2018 04:28PM

(Credit: Pixabay)

What fazes Bay Area home buyers? Not the roller coaster ride on the stock market or the tax overhaul it seems; nothing experts predicted seems able to stop San Francisco home prices from rising and buyers from inking deals, according to Bloomberg.

The biggest news is the median house sales price which jumped up 24 percent compared to last year to a record high of $1.6 million. But condos also saw an increase, albeit not as large due to a new spate of units hitting the market, with prices rising 4.6 percent to about $1.2 million, according to a recent report by Paragon Real Estate Group.

“Recent financial market volatility, so far, appears to be having little effect on local real estate markets,” Paragon’s Patrick Carlisle told Bloomberg. “But it [is] still early to measure this.”

The market has been increasing for six years and counting prompting many to wonder if the city’s a bubble risk, but experts say it’s national or global triggers that seem to affect San Fran’s markets most — and now even that is proving not to be much of a concern. [Bloomberg]Erin Hudson