DataMarkets & Economy

Bay Area housing market heating up for summer

Monthly and annual change reported in five Bay Area counties in May
  • Santa Cruz home prices increased 16 percent annually in May 2016.
  • San Benito inventory increased 64 percent annually and 10 percent monthly in May 2016.
  • Prices are still on the rise in the two most expensive Bay Area markets reported, San Mateo and Santa Clara counties.

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Home prices are still on the rise in Bay Area counties, according to MLS Listings. All five counties that were measured posted an increase in median price on an annual basis in May, and all but one county saw increasing prices this May over April. Santa Cruz County witnessed the biggest jump in median price in May 2016 over the previous year, at 16 percent. Jumping from $695,000 to $805,000 in May on an annual basis, the county has the third highest median price point of the measured Bay Area counties. This area's real estate market has been continuing strong over the past year. When looking at the percentage of list price received, both the annual and the monthly figures were unchanged in May 2016. Santa Cruz was the only county that had a reported 100 percent list-to-recieved price ratio for all months reported. However, inventory and closed sales fell annually. On a year-over-year basis, the inventory of homes fell 11 percent from 632 to 565 in May. Closed sales also ...