Here's How Much Bay Area Housing Prices Have Risen Since The Start Of 2022

A new report shows that Bay Area housing prices have risen 20% since the start of the year. According to Zillow's March Market Report, the average home in San Francisco is now worth $1,461,773, which is up 20.1% year over year. They also found that homeowners living in the city are paying about $5,700 a month on their mortgage, a 19.8% increase since the start of the year and 37.4% Additionally, housing inventory in the city grew by 26.3% from February but is still 9.1% lower than it was a year ago.

KRON reports that the cost of a 30-year mortgage across the nation is now 19.5% higher than it was just three months ago. According to Zillow, the combination of rising home values and mortgage rates has pushed monthly payments on the typical U.S. home 38% higher than it would have been a year ago.

“Higher mortgage rates were anticipated this year, but the speed of their rise has been breathtaking,” Jeff Tucker, Zillow senior economist told KRON. “Record low mortgage rates had been an affordability lifeline during the pandemic, keeping monthly payments in check even while prices climbed quickly. March was the biggest test yet of whether enough buyers can meet the new asking prices to keep home values growing at a record pace, and the answer was ‘So far, yes.’

To read Zillow's full report, click here.