The San Francisco housing market is red hot.
But the really startling increases are being seen in the “high-end” part of the market, which includes homes that cost over $US950,000.
And for homes in this price bracket, San Francisco is sharply outpacing the appreciation seen in other markets around the country.
We’ve previously written about how the cost of living made it hard to hire teachers in San Francisco, and how homes in Berkeley — 40 minutes outside the city — are also seeing prices skyrocket, with median prices now over $US1 million.
On Tuesday, the latest Case-Shiller home price report showed that overall, home prices rose 4.7% over the prior year across the country in August.
San Francisco, along with Denver, outpaced this growth as overall prices rose 10.7% in those markets.
But whilethe largest home price increases in low and mid-range homes have been driving prices in Denver, it’s the most expensive part of the market driving prices up in and around Silicon Valley.