Although U.S. and Bay Area home price growth moderated from the second quarter to the third quarter, appreciation in the latter region's two largest cities continued to outpace the national rate.
Home Price Conditions
Nationwide, annual home price growth was the slowest in more than two years in the third quarter, but the Bay Area's two largest housing markets countered that trend, with appreciation higher than it was at the same time last year.
Find out which Bay Area communities saw the highest home price gains from the third quarter of 2017.
America's housing market continues to see annual price appreciation, but gains are beginning to slow, driven in part by higher mortgage rates. Potential homebuyers in California and the Bay Area, however, are not seeing as much relief, with prices growing at roughly double the national average.
Many homeowners in expensive U.S. markets like the Bay Area are delaying a sale in an attempt to maximize their profits, thereby reducing the number of properties on the market and perpetuating price growth.
Home prices increased in nine of 10 U.S. metropolitan areas in the most recently completed quarter, with the Bay Area laying claim to the nation's only two major $1 million-plus housing markets.
The nine-county Bay Area continued to record substantial year-over-year price gains in July, further shutting out more buyers and causing sales activity to spike in some of the region's relatively more affordable markets.
Santa Clara, San Mateo, Sonoma, and Marin counties rank among the nation's 20 luxury housing markets with the highest annual price growth.
Home prices in one high-end Silicon Valley community were up by more than 120 percent from the second quarter of 2017. Check out the 10 Bay Area housing markets with the largest annual home price gains.
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