San Francisco's red hot housing market has sent half the houses in Berkeley above the $1 million mark
According to a report from KPIX 5's Da Lin, the median home price in Berkeley is now $1.05 million, the latest sign that housing costs in the Bay Area continue to soar.
Back in early August, we reported that San Francisco's public schools were battling with a potential teacher shortage because of the prohibitively high cost of living in the city.
Read Oak Realty told Lin that homes in Berkeley are selling about 20% above the asking price on average, with another real estate broker telling Lin that in the last year about one-third of sales have been all-cash.
And so homes are going fast, going at a premium, and being paid for in full.
In May, longtime Bay Area resident and Business Insider's West Coast bureau chief Matt Rosoff wrote that all anybody in the region seems to be talking about is housing.
You should read Rosoff's post for all the gory details, but one of the highlights includes a media industry peer who was excited by "only" being outbid by $50,000 on the last house he and his girlfriend put in an offer for.
And this was almost six months ago.
We'll get the latest update on home prices in San Francisco from the Case-Shiller index on Tuesday morning, but this chart gives you an idea of how fast and how far prices for buyers and renters have come in the last few years.
.jp2)