If San Francisco needs a new name in the zany plan to create six Californias, they might as well call it "Millionaireville." According to DataQuick, the median home price in San Francisco in June hit the seven-figure mark for the first time. It was also the first time that any of the Bay Area-counties had hit the seven-figure median. While good for sellers and brokers, the million-dollar mark is sure to fuel the growing class wars in the city over real estate. Many longtime renters are being displaced as values soar and rents jump. More traditional buyers are also being outbid by highly paid tech workers and overseas buyers who are paying all cash. "It's really hard to buy if you don't have cash or 50 percent down and make an offer that is non-contingent," real estate broker Cece Doricko told SFGate. The news wasn't all bad for buyers and renters. On a year-to-year basis, price growth seems to be easing a bit. Prices are up 13.3 percent year-to-year, compared with a jump of 23.8 percent a year ago.
IN DEPTH
- Housing Riddle: Starts Dropped in June, but Foreclosures Did Too
- Rich Chinese Are Top Foreign Buyers of U.S. Real Estate
- Pending Home Sales Surge In May - Highest Monthly Gain in 4 Years
- Robert Frank, CNBC