Bay Area home prices are rising once again
A home for sale in Los Gatos, California, US, on Wednesday, Feb. 7, 2024. Photographer: Loren Elliott/Bloomberg via Getty Images (Getty Images)
Home prices in the Bay Area are reaching levels seen before the Federal Reserve’s interest rate hikes that caused prices to fall slightly.
Data from the California Association of Realtors shows that median sale prices in the Bay Area reached $1.39 million dollars in March 2024. That’s a 15.5% increase from this time last year.
The largest price increase over last year in the state is in Costa Mesa. Redfin data shows that prices there rose 35% in March compared to a year ago.
The California metro area with the fastest growing sales price is Arcadia. That Los Angeles County city saw a price increase of 58%. Berkeley came in sixth with a 25% price increase, Pleasanton is right behind in seventh, with a 24% sales price increase.