The median Bay Area home price surged to an all-time high of $820,000 in March, up 9.3 percent from February and up 14.7 percent from March of last year, research firm CoreLogic reported Tuesday.
The previous peak was $784,000 in November. The report includes newly built and existing homes and condos sold in all nine counties. For the past six months, the median price has risen 12.8 percent year over year on average.
For the fourth consecutive month, Santa Clara and San Mateo counties showed the steepest year over year gains: 33.6 and 25.7 percent, respectively.
New home construction in Silicon Valley hasn’t come close to keeping up with the growth in high-paying jobs. Facebook, based in Menlo Park, disclosed in an April 13 filing that its employees earned a median pay package of $240,430 last year.
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