graph of san francisco home prices

San Francisco Home Price Increases Are Highest in the Nation

graph of san francisco home pricesAccording to recently released data from the Case-Shiller Home Price Index, San Francisco home price increases are highest in the nation. In fact, we’ve experienced a 2.4% increase between February and March 2014, that’s by far the largest month-over-month increase in the entire country, and the largest in the city since last June. San Francisco topped every other city in the index except Las Vegas, posting a 20.9% increase in home prices since March 2013. Coming in second in the 10-City and 20-City Composite; Seattle at 1.9%. I was surprised to learn that New York was at the bottom of the list and the only city to show a decrease of 0.3%. Average home prices across the United States are rising. The first quarter of this year ended with a 0.2% increase in the National Index compared to the fourth quarter of 2013 and 10.3% above the first quarter of 2013. Today, San Francisco, Boston, Charlotte and Portland are all close to their pre-housing-crisis peaks. According to Trulia, the median San Francisco sales price for a two-bedroom home, from February 14 to May 14, 2014, was $1 million. That number reflects a 12% or $102,000 increase compared to the prior quarter and a 12.4 increase compared to last year. Over the last five years here in San Francisco, sales prices have appreciated 46.4%. Trulia reports that the average home for sale in San Francisco was listed at $1,531,835 from May 21 to 28 of this year. The average price per square foot in the most popular neighborhoods — Pacific Heights, Noe Valley, SoMa, Potrero Hill, South Beach, and Central Sunset — is leading the increases, but prices are on the rise just about everywhere in the city. Interested in learning more about San Francisco home price increases and what that means to both buyers and sellers? Pease contact me via email at Daniel.DerVartanian@sothebyshomes.com or give me a call at (415) 901-1727. In the meantime, be sure to check my website.