The housing market is back on track in the U.S., California, and most especially in the Bay Area, and our regions are posting strong results.
In October the Bay Area saw its median sold prices for single-family homes jump 28 percent over the previous year, and sales increased 24 percent in the same period.
This year 57 percent of California home sales received multiple offers, the highest numbers in at least the past dozen years. In the East Bay, nearly 70 percent of home sales received multiple offers in the third quarter, and many homes went into contract within just two weeks of coming on the market.
In January we predicted we’d see the best year in housing since 2006. So far we have – and there are strong indicators that’ll continue, thanks to sustained job growth, low interest rates, and aggressive buyer demand.
We also expect home prices to keep rising in 2013 to the tune of 3 to 6 percent.
A big thank-you to all of our real estate professionals, clients, and staffers who have helped make this year so special for Pacific Union. We’re looking forward to celebrating the holidays with you and starting another great year!
(Photo of autumnal leaves by Paul Bica, via Flickr.)