June 22, 2017

California Home Prices Climb to a 10-Year High in May

California home prices hit their highest level since the previous housing boom in May, as demand continued to outstrip supply, both statewide and here in the Bay Area.

  • The median sales price for a single-family home in the Bay Area rose to almost $900,000 in May, with all nine counties reporting year-over-year appreciation.
  • Inventory declined in all nine Bay Area counties from one year ago. Statewide, new listings dropped for the 23rd consecutive month.
  • All nine Bay Area counties saw sales volume increases from both April and from May 2016.

 

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About The Mark Company

The Mark Company is one of the nation’s premier urban residential marketing and sales firms. Founded by Alan Mark in 1997, The Mark Company provides a full range of core consulting services including analytics, design, marketing and sales for urban high-rises and suburban attached properties throughout the Western United States. The firm is a trusted partner to global leaders in residential development and finance, providing buyer-driven sales and marketing strategies that produce industry-leading results. The Mark Company has represented more than 10,000 residences and generated over $5 billion in sales for some of the nation’s most notable and successful developments including The Infinity in San Francisco, Evo in Los Angeles and The Martin in Las Vegas. Current projects include 181 Fremont Residences and The Austin in San Francisco and Cavalleri in Malibu. The Mark Company is a subsidiary of San Francisco-based Pacific Union International, the eighth-largest residential real estate brokerage in the U.S. based on 2016 sales volume of $10.15 billion. Pacific Union merged with Los Angeles-based brokerage John Aaroe Group in December 2016. This strategic business collaboration links three of the strongest residential real estate firms on the West Coast, supporting combined 2016 production of $10.1 billion by 1,161 real estate professionals in 38 offices throughout California. For more information, please visit www.themarkcompany.com.