The Bay Area saw a nice boost in home sales back in November, according to recently released data from the California Association of Realtors. Compared to November of 2015, home sales last month jumped by 10%, even despite falling by 6% from October to November.
Home sales between $2 million and $3 million were especially hot, increasing by 38% compared to last year, and even homes priced between $1 million and $2 million saw a 26% increase from November 2015 to November 2016.
The final median home price for the entire Bay Area was recorded at $785,000, which remained unchanged from the previous month, but is also up 8% compared to this time last year. Home prices in San Francisco specifically, however, actually saw a 1% drop from November 2015.
Economists attribute the spike in home sales to increasing mortgage rates following the presidential election, which are now at the highest level we’ve seen since 2014.