Call it the law of supply and demand – or, in this case, the law of extremely limited supply and excessive demand – but, once again, prices in the nine-county Bay Area have risen to extraordinary new levels.
Santa Clara County saw the largest gains with home prices increasing by nearly 25 percent(!) over 2017 with a median price of $1.308 million. Alameda County homes rose 11.8 percent with a median price of $900,000 and Contra Costa County rose 10 percent to $649,000.
Interestingly, the number of homes for sale this April actually increased by 7 percent over a year ago. Nevertheless, the total home sales in April were nearly 16 percent below the historical average..