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San Francisco remains one of the most expensive housing markets in the United States, according to data released by the San Francisco Association of REALTORS (SFAR) on Tuesday.
San Francisco is representative of a nationwide trend of home prices—too few single-family homes are driving up housing prices of available homes.
The median single-family home price rose to $928,000 in January, 2014. The figure represents a 24.6 percent gain from 2013.
Those interested in a condominium, TIC, or co-op property faced similarly high prices, which rose to $950,000, also a 24.6 percent gain from 2013.
"A tight supply of inventory characterized the San Francisco housing market throughout 2013 and if January is any indication it will continue to define the market in 2014," said SFAR President, Betty Taisch.
The limited housing supply is leading to an extremely quick window to purchase a home in the Bay Area. Available housing numbers for January showed a scant 252 single-family homes and 368 condos, TIC, and co-op residences.
Of the available supply, single-family homes are on the market a mere 41 days. Condos, TIC, and co-op properties fair slightly better, remaining on the market for 52 days before receiving an offer.
