San Francisco home buyers paid record prices for standalone houses in the first three months of this year.
The median house price hit an all-time record of $1.6 million in the first quarter, a 24% jump from last year, when the median home sold for $1.3 million, according to Paragon Real Estate Group, which put out a brief report Wednesday on the record figure.
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The second quarter is likely to set another record since the Bay Area typically sees price metrics increase from the first to second quarters of the year, wrote Patrick Carlisle, chief market analyst for the brokerage and author of the report.
"Houses have become the scarce commodity in San Francisco," he wrote.
Condo prices in the city have had a less dramatic price run in recent years due to a boom in new apartment stock from developers.
The median condo price was $1.176 million in the first quarter of the year, a 4.6% increase over this time last year, but a slight dip from the end of 2017. In the fourth quarter of last year, the median condo price peaked at $1.185 million, according to Paragon, which bases its data on sales recorded in the city’s multiple listing service.
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"Virtually every market segment in the city is currently experiencing a feverish high-demand, very-low-supply dynamic," Mr. Carlisle wrote.
Impending increases in mortgage rates have had little effect on dampening consumer demand so far. And neither has stock market volatility in recent weeks, he said. He noted, though, that it may still be too soon to tell the longer term effects.