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According to DataQuick, the median price in Santa Clara County was $650,000 in October—a 21.5 percent increase from a year ago. It was $845,000 in San Francisco—up 6.4 percent. Alameda County experienced the largest percentage gain in the nine-county Bay Area—up 36.7 percent to $525,000.[contextly_sidebar id=”d9723093d063ff27342c618720faebd8″]Wehrli pointed out that much of the housing demand in the East Bay is coming from those working in the high-tech hub of Silicon Valley. “It’s all about the tech sector staying strong,” he said, “so there’s no reason to see that demand diminish.”
In the months ahead, Stricker and others predict a bullish housing market still although not as overheated as what occurred in 2013. They point to a strong economic outlook as a big driver.
Indeed, the federal Labor Department last week reported that the national unemployment rate fell to 7 percent (a five-year low), higher-paying industries are adding jobs and hourly wages have increased.
Wehrli also noted that the supply constraints in the housing market will continue to keep demand and prices up. “There are not a lot of places to build new homes,” he said, adding that residential construction takes a long time because of the entitlement and planning process in different communities.
“Provided there’s no hiccup in the economy,” Stricker said, “I expect the spring to be a good market. There’ll be a fresh run of enthusiasm.”
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