Median home prices in the Bay Area continued an unprecedented six-year run in 2017, reports Louis Hansen of The Mercury News, as resale homes gained double-digit value.
According to data from CoreLogic, prices in the nine-county region rose 14% from March 2017. And last month, the median resale price for a Bay Area home was a record $850,000.
“It’s a feeding frenzy fueled by a factor of fear,” said Kevin Cole, Alain Pinel broker and president of the Santa Clara County Association of Realtors. Buyers are motivated after bidding high and still failing to close a deal, he said.
“They’re not just disappointed once,” Cole said. “They’re disappointed two, three, four or five times.”
March marked the eighth straight month the region has seen double-digit growth in prices.
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