Bay Area median prices have already topped a half-million dollars, which is where they were in 2007 before prices collapsed by 56 percent.
The Bay Area's median sale price first passed the $500,000 threshold in May 2004, when it rose to $501,000. It continued rising and held well above that level for four years, then dropped below $500,000 in June 2008 as home prices tumbled. From its $665,000 peak in June/July 2007 to its $290,000 trough in March 2009, the median plunged 56.4 percent, or $375,000. As of last month most of the Bay Area’s peak-to-trough loss had been regained. The median was up $220,000 from its March 2009 trough, meaning it had made up about 59 percent of its loss.
The median home price in San Francisco hit $1 million last week.
For a number of good reasons.........one of which was announced today:
Apple to add 7,400 jobs at Campus 2 headquarters in Cupertino
newyork.newsday.com 
The median home price in San Francisco hit $1 million last week.
The housing news is the same in New York and Los Angeles and Washington, D.C. Everything is booming. New urban construction is everywhere, even in a notoriously hard-to-build-in city like San Francisco.
Yes, in those markets, but its not true for a lot of the markets. Most markets are barely above their recession lows.
The author of this article is from Gawker. Great web site but not one I would go to for a real estate perspective. |
