Real Estate
Rising Home Prices on the Peninsula Blamed on Lack of Inventory
Foreclosures also are declining in the Bay Area.
The housing market continues to heat up on the Peninsula.
Home prices rose again in April as did the number of building permits being issued by cities. In addition, foreclosures are on the decline.
The website DataQuick reports the median price for all types of dwellings in the Bay Area was above $500,000 for the first time since 2008. That’s a 17 percent increase since March and a 30 percent hike from a year ago.
In San Mateo County, the median sale price is now $726,000, a 32 percent increase from April 2012.
Due to a lack of inventory, home sales have declined slightly—0.6 percent—in the nine-county Bay Area. In San Mateo County, the decline was 14 percent.
Meanwhile, RealtyTrac reports the number of single-family building permits nationwide increased 27 percent in the first quarter of 2013 to the highest level since 2008.
At the same, the number of foreclosure starts nationwide declined 27 percent to their lowest level since 2006.
In fact, the number of building permits issued and foreclosure starts were roughly the same for the first time since 2007.
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