In April, the median price for a single-family home in the region was $1.25 million.
The Bay Area’s population is shrinking and more housing is being built, but local home prices remain sky-high in the latest report — about 28% above where they were when the pandemic first upended the local real estate market.
That 28% price jump over the past three years far outpaces the 15% increase expected based on long-term trends, said association economist Oscar Wei. Currently, just one in five Bay Area residents can afford the median single-family home price, according to the association. Wei said he would only expect home values to return to pre-pandemic levels if there’s a “deep recession” or developers build significantly more homes. “And that’s not going to happen overnight,” he said.
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