Source: bizjournals.com | Re-Post MNM Partners, LLC 8/4/2016
Bay Area Homes Sell Twice As Fast As U.S. Average
San Francisco homes are being sold almost twice as fast as the national average. Homes were on the market for an average of 43 days, the lowest in the U.S., along with San Jose, compared to the national average of 78. Home prices are also trending up, according to the Zillow Home Value Index. San Francisco, at $812,300, is only behind San Jose’s $957,900.
Bay Area median home prices and rents are both up more than 7 percent over the past year, according to online real estate company Zillow’s June Real Estate Market report.
Home values jumped up 8.5 percent over the past year landing at $812,300 and rents rose by 7.4 percent to a median of $3,397. The increase in prices mirrors a larger national trend where median home values have risen on an annual basis for 47 consecutive months.