Bay Area Market Trends

Bay Area Active Listings Dropped in November While Prices Rose

Home prices in the nine-county region of the San Francisco Bay Area continued to rise in November but the number of active listings fell. Home prices climbed 12.5 percent higher than the same time last year. This was the steepest regional increase in California, raising the median price of a single-family home in the Bay Area to $910,350, according to the East Bay Times.

Certain counties saw particularly rapid growth. Prices rose 27 percent year-over-year in Santa Clara County, now sitting at $1,282,500. Prices jumped 22.1 percent to $1,486,000 in San Mateo County. In San Francisco, the year-over-year price increased by 10.3 percent, reaching $1,500,000.

Even as prices rose, active listings dropped — a major contributing factor to the region’s infamous affordability crisis. Active listings dropped 17 percent year-over-year in the region. Santa Clara County saw a particularly significant drop in inventory, falling by 36 percent.

With so many job hubs in the region, including Cupertino, Palo Alto, Oakland, and San Jose, the lack of available housing has inevitably put pressure on prices and it remains unclear what can be done about it.

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