It’s encouraging to see median home prices across most parts of the state continuing to recover. The Bay Area, in particular, has been experiencing strong price appreciation, thanks to the region’s robust economic growth, extremely low housing inventory, and an increasing demand from international buyers,” said C.A.R. President Don Faught. “San Francisco County’s median home price, for example, increased 32 percent from last May and has just surpassed its previous record high reached in May 2007.”
The Calif. statewide median price of an existing, single-family detached home rose 3.6 percent from April’s median price of $402,760 to $417,350 in May. May’s price was up 31.9 percent from a revised $316,460 recorded in May 2012, marking 15 straight months of annual price increases and the eleventh consecutive month of double-digit annual gains. The year-over-year price increase was the highest since at least 1980, when C.A.R. began tracking this statistic. The median sales price is the point at which half of homes sold for more and half sold for less; it is influenced by the types of homes selling as well as a general change in values.
There are a total of 3,143 counties and county-equivalents in the USA
Across the country, 103 large counties registered weekly wages at or above the U.S. average of $955 in the fourth quarter of 2011. New York, N.Y., held the top position among the highest-paid large counties with an average weekly wage of $1,889. Santa Clara, Calif., was second, followed by the counties of Washington, D.C. ($1,668), Suffolk, Mass. ($1,599), and San Francisco, Calif.
The national median existing-home price for all housing types was $208,000 in May, up 15.4 percent from May 2012
Assuming average wage is around $40,000 two people working making around $80,000 the $208,000 house figure is in range but if the %increase continues we folks are heading for another bubble.forced increase in wages and a possible head cutting period. in certain areas of the nation. |
