Home prices in the Bay Area continued their brisk pace upward in March, according to new figures out Wednesday.
The median price of a home in the nine-county region jumped 23.2% from the same month last year, to $570,000, according to San Diego-based real estate tracking firm DataQuick. The number of sales fell 12.9% compared to last March.
Other Western markets, including Southern California, have seen price gains over the last year, but they’ve grown faster in the Bay Area. And median prices have grown there not just because more more-expensive homes have come on the market but largely because of rising home values, according to DataQuick figures.
While the market is hot, it’s also healthy, and firing on nearly all cylinders, said DataQuick analyst John Karevoll.
“The only part of today’s Bay Area housing market that is still somewhat off-kilter is mortgage financing, but even there things are trending towards long-term norms,” he said. “The rest of the housing market is characterized by good old supply and demand meeting each other at various price levels.”
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