Is two months a trend?
Bay Area home prices rose again by 5.5 percent from March to April. March saw Bay Area home prices rise 33 percent from February.
While prices were up, sales volume was down – single-family home sales declined by 3.7 percent from March to April in the Bay Area.
From California RealEstateRama:
Redfin today released new data on the San Francisco Bay Area market showing that the median price of a Bay Area single-family home increased 5.5% from March to April. In Marin County, prices for single-family homes jumped 10% in one month, aided by lower interest rates for jumbo loans. Santa Clara County house prices increased 7% month over month and 33% year over year, driven by a shrinking supply of bank-owned properties. House prices in Alameda, San Francisco and San Mateo counties grew by between 1% and 2% month over month.
Sales volume for single-family homes declined from March to April by 3.7% in the Bay Area. Alameda decreased 19%, San Francisco decreased 18%, San Mateo and Santa Clara decreased 5%; in the core Bay Area counties, only Marin County increased, by 5%.
Based on its own brokerage activity in April, Redfin expects May sales to increase in the Bay Area. June sales volume is still hard to forecast, but early-stage traffic and customer-activity metrics so far suggest that June will not be as strong as May.
For the full report, go here.