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Detached homes are currently more popular
Oct 18, 2022
Detached homes are currently more popular San Francisco
By   Internet
  • City News
  • San Francisco Bay Area
  • detached homes
  • home prices
Abstract: Real estate transactions in the San Francisco Bay Area generally fell by about one-third in May amid the epidemic, but the drop in transactions did not cause home prices to fall.

According to the statistics, the median price of real estate transactions has increased significantly in Santa Clara, Alameda and Contra Costa counties.


This indicates that there is a shortage of housing sources and that demand for housing remains strong.


The Bay Area lost a record number of jobs under the economic lockdown of the epidemic.


However, even in the face of future economic uncertainty, the Bay Area's real estate market continues to be oversupplied, leading to higher transaction prices, a rare occurrence since the real estate peak in 2017.


One important factor is that interest rates are currently holding at a low 3.1%.


Compared to a year ago, the median price of a detached home in the San Francisco Bay Area increased in five of the seven counties in May.


The median price of a real estate transaction in Santa Clara increased 4.6 percent from a year ago to $1.25 million.


Contra Costa rose 2.4 percent to $660,900.


In Alameda County, there was also a 2.1 percent increase to $889,700.


Solano rose 5.9 percent to $462,100.


Sonoma increased 2.9 percent to $646,300.


The two most expensive counties in the Bay Area saw a slight decline in median home prices.


San Francisco's median home price was $1.53 million, down just 1 percent from a year ago.


Marjo County fell 1.6 percent to a median home price of $1.45 million.


In the midst of the epidemic, detached homes with gardens and private living spaces are favored, and everyone wants a bigger and cheaper house in the suburbs.


In Silicon Valley-centric communities, including the cities of Palo Alto, Mountain View, Cupertino, Sannyvale, and Saratoga, there was an increase in sales above list price.

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Detached homes are currently more popular