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County's 21% hike in home prices tops U.S. The report ranked Sonoma county as No. 1 out of 328 metropolitan areas for the 12 months ending March 31. The U.S. average for the increase in housing costs was 6.5 percent. The survey is the latest sign of a red-hot housing market on the North Coast, where record job levels and relocations from more expensive parts of the Bay Area have been driving the price of single-family resale housing relentlessly upward for four years. Demand is so fierce it is depleting resale supply in almost every
price range. At the end of May, there was less than a two-month
supply of houses all the way up to $750,000, based on the May
sales price. At $750,000 and up, there was only a 4-month
supply. Analysts say a five-month supply is needed for a market
to be adequately balanced between buyers and sellers. |
