The median price for a home in the Bay Area increased 7.6 percent in February compared to the same month last year, according to the real estate research firm CoreLogic.
February 2017 posted the largest year-over-year price hike since last fall as sales slowed by 3.3 percent for the month, which posted the lowest sales rates in nine years.
The month’s sales rate was 21 percent below average February sales totals for the past 30 years, according to CoreLogic.
“Sales have been restrained by declining affordability caused by both higher prices and, more recently, higher mortgage interest rates, as well as a tight inventory of homes for sale and, probably, the wet weather,” CoreLogic officials said in a written statement that accompanied their monthly sales report.
The median Bay Area price for new and existing homes in February was $662,000 on the sale of 4,767 homes.
The highest median cost of a home in February was in San Francisco County, where the price hit $1.12 million.
The biggest year-over-year increase of the median price for a home was in San Mateo County, where the cost climbed 14.3 percent to $1.03 million.
Solano County saw the lowest median home price at $361,000, which was a year-over-year increase of 0.6 percent.