As Bay Area home prices continued to climb to vertigo-inducing heights last month, one county stood out from the rest.
Santa Clara County hit a new record in February, with homes selling for a median price of $1.08 million — up 12.5 percent from January, and up 27.8 percent from the year before, according to a report released Thursday by CoreLogic.
Prices were up across the Bay Area, where they have been rising without pause since April 2012. The median price for a home last month rose 5.6 percent from January, and 12.5 percent from February 2017 for homes in Alameda, Contra Costa, Marin, Napa, Santa Clara, San Francisco, San Mateo, Solano and Sonoma counties, according to the report.
“The median price paid for a Bay Area home has been rising on a year-over-year basis every month for just under six years,” Andrew LePage, a CoreLogic analyst, wrote in a news release. “The severe imbalance between the region’s housing supply and demand suggests continued upward pressure on prices. However, if mortgage rates continue to climb higher some of that pressure would be relieved as more buyers are priced out of the market.”
