Home prices in California's Bay Area are growing at an astonishing rate, the Los Angeles Times reports. Many single-family homes have rebounded to prices not seen since fall 2007, before the recession.
Experts are attributing the increase in property values to the area's booming tech industry. They say they see no end in sight.
"We are adding more housing, but it's still not enough to keep up with demand," Trulia Chief Economist Jed Kolko told the Times. "We will see home prices continue to rise in the Bay Area."
Median sales prices across nine counties rose 5.4 percent between March and April, according to DataQuick researchers. In San Francisco, the median single-family home price has climbed more than 13 percent in the past year to $922,500.
Sales of new existing houses and condos also rose in April, up 20 percent over March.
While the soaring prices are good for Bay Area property owners looking to sell, they can be discouraging for those hoping to buy their first home. Aspiring homeowners who can't afford San Francisco prices should consider heading just a short distance northeast. Although property values in Sacramento County are also climbing, the area still offers the Northern California lifestyle at affordable prices.
Sacramento is a beautiful, vibrant community in its own right, while also situated close to many desirable day and weekend destinations. The Bay Area is about an hour-and-a-half away by car, and the wine country of Sonoma is just a few hours' drive. Head two hours in the opposite direction, and you'll find yourself at beautiful Lake Tahoe.
If you're interested in seeing properties for sale in Sacramento County, turn to top real estate agent Jon Hesse. He can help you achieve your dream of owning your own Northern California home.