March 2013 - The median price paid for a home in California last month was $313,000, up 8.3 percent from $289,000 in February and up 24.7 percent from $251,000 in March 2012. A lot of that was mix, but still impressive numbers.
Rising existing home prices and lack of inventory will continue to drive more people to new builds.
More on California --- an Economy larger than Spain and Greece combined...8th largest economy in the world.
The Bay Area and California job markets were far stronger in 2012 than initially estimated, a government report released Friday said, a clear indicator the region's economic surge is on solid footing.
Last year the Bay Area added 113,000 jobs (best since 2000 dot.com era), while California added 327,400 jobs
Rents have increased 30% in the Bay Area in the last 3 years --- with rates down, pushing more into home ownerships. Millions of Americans (mostly young people) have been on the sidelines for the last 3-5 years -- lots of pent up demand.... lack of supply is an issue in California. Not surprising to see prices on the rise.
i am in the new home industry, however speaking with a local RE Broker last week she said that on the resale side individual buyers are putting multiple offers on several properties at one time trying to buy one house