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San Francisco starts 2018 with record high single family home prices

• San Francisco median home prices keep climbing, further extending a seven year growth period. While the Bay Area  just recently reached pre-recession prices and California has yet to rebound entirely, San Francisco has surpassed its 2007 highs by 73 percent.

• Pricing is pushed up by a lack of supply, coupled with intense demand. San Francisco’s population continues to balloon, adding over 70,000 residents since 2010. Housing deliveries have not kept up and there is little price relief in sight. The region continues to attract top talent that commands higher average salaries than their counterparts who are leaving, putting upward pressure on home prices.

• Many of those who are leaving the city regularly cite housing costs as a main reason they are relocating. As companies continue to flock to San Francisco in order to gain a competitive edge in the war for talent, housing affordability is going to remain a focal point in the conversation surrounding long term sustainability. 

Source: JLL Research, California Association of Realtors

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