Real Estate
Home Prices in Silicon Valley Area Top $2 Million for First Time
- Nationwide home prices rose 4.9% in second quarter vs year ago
- Half of US markets require $100,000 income to afford a home
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The median home price in Silicon Valley topped $2 million in the second quarter, the first time a US metropolitan area has exceeded that threshold and a symptom of the nation’s persistent affordability challenge.
Prices for existing single-family houses in the San Jose-Sunnyvale-Santa Clara area rose 11.6% in the second quarter from a year earlier to $2.08 million. No metropolitan area in the country had exceeded $2 million in National Association of Realtors data back to 1979, the group said Tuesday.