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Median Bay Area Housing Price Hits $820K

SAN FRANCISCO (CBS SF) – Housing prices in the Bay Area jumped 14.7 percent from 2017 and hit a new peak of $820,000 in March 2018, according to data released Wednesday by housing research firm CoreLogic.

San Mateo County had the highest median sale price at $1.3 million, followed closely by San Francisco, Santa Clara and Marin counties, according to CoreLogic.

Solano County had the lowest median price at $425,000, and Sonoma and Contra Costa counties both stayed below $600,000.

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Santa Clara County is currently seeing the highest rate of change in year-over-year estimates, according to CoreLogic. Median home prices jumped 33.6 percent from $898,000 in March 2017 to $1.2 million in March 2018.

Researchers said "jumbo loans," which allow more expensive loans in high-cost areas, comprised 62.6 percent of all home purchases in March 2018.

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In the last 30 years, the organization says home prices in the Bay Area have gone up by 39.8 percent. A total of 7,122 homes were sold in the Bay Area in March alone.

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