The median price of a home for sale in San Francisco is almost $1 million, according to real estate firm Redfin. That’s 16.2% higher than it was a year ago.
The $979,750 median price tag isn’t deterring buyers, however. Closed home sales boomed by 12% in February when compared with February 2014.
Prices in the City by the Bay don’t reflect national norms, however. While the median sales price in the 50 cities Redfin tracks have increased 5.4% since last February, the median price hovers at around $258,300.
Home prices have been on the rise for seven months, consistently edging up by between 4.9% and 5.4% a month. Tight inventories continue to put upward pressure on home sales, giving buyers the opportunity to make more reasonable offers instead of stretching their budgets. In fact, Redfin reported, 16.4% of homes sold for more than asking price in February—down from 18.6% a year ago.