Bay Area real estate: Home prices rocket to record high | The Mercury News

Bay Area home prices have continued their stratospheric surge, as the low housing supply combined with intense demand last month to further heat up the market.

The real estate business usually cools off in the summer, but this market is proving to be a pressure cooker. The median price of a single-family home in the region was $779,000, up 9.7 percent from a year earlier, the CoreLogic real estate information service reported Wednesday.
Prices in the eight counties for which June data were available have risen for 63 straight months. The median price hasn’t fallen since March 2012, and some homeowners are cashing out and leaving the region while buyers battle over scant offerings — and occasionally find a deal.

Alameda and Sonoma counties set new median price records in June of $838,000 and $612,000, respectively, while Santa Clara matched its previous peak of $1,100,000.

Read complete article here:

Bay Area real estate: Home prices rocket to record high.