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Alameda County Median Home Price Rises

The median sale price of existing single-family homes in Alameda County rose to $732,220 in August, up 11.9 percent from August 2013, and up 1.3 percent from July, the California Association of Retailers said yesterday.

Sales were down though. Alameda County sales were down 9.1 percent from July and down 5.6 percent from August of last year.

The unsold inventory index for Alameda County remains low at 2.2, and the median time on market is holding roughly flat at 47.3 days.

“California’s housing market continues to be bifurcated both geographically and demographically, with the San Francisco Bay Area and high-end housing markets outperforming other regions and market segments,” said California Association of Realtors Vice President and Chief Economist Leslie Appleton-Young. “A strong job market and barriers to building new housing are creating an imbalance between supply and demand in some housing markets. Buyers who are not impacted by affordability issues are fueling sales in the high-end market, which is putting upward pressure on home prices.”

Kevin Brown, president of the association also said that lower-than-expected interest rates are fostering price growth.

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