According to Axios, the median sale price for homes in the San Francisco metro area saw a 7.7% increase in December compared to the same period last year, based on data provided by Redfin. This uptick is part of a nationwide trend, with home prices rising in all 50 of the largest U.S. metro areas, marking the first time this has happened since May 2022, as reported by Redfin.
A significant factor behind these rising prices is the ongoing shortage of homes on the market. While inventory has been low for some time, recent data shows a slight increase. For example, U.S. housing inventory grew by nearly 17% in January from the previous year, according to the National Association of Realtors.
This ongoing price surge signals that areas like San Francisco are still experiencing high demand, with limited housing supply continuing to drive prices up. Buyers and sellers in the region should be mindful of market fluctuations, as changes in inventory can have a significant impact on available opportunities.
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Source: axios.com
