Housing production ramps up in San Francisco
All across the nation, housing production is picking up to meet new demand for residential homes. According to the latest figures released by the U.S. Census Bureau, new housing production increased by 6.9 percent to a seasonally adjusted rate of 760,000 units in June 2012. This is the fastest rate of new home construction growth seen since October 2008.
On the West Coast, applications for building permits increased 2.9 percent. Real estate in Bay Area is also growing in accordance with this new trend. Neighborhoods around public transportation hubs are sought after by many San Francisco residents looking for a convenient method to commute to and from work and local hot spots.
Potential homebuyers looking at new construction projects may have to pay premium prices to attain access to these popular options, but the expense can be a worthwhile investment. According to ALTOS Research, the median single-family home price in the city as of July 13, 2012 was $782,032.
Check out options available in the greater San Francisco to be a part of the culture of this unique metro. The MLS listings for the Bay Area may contain your dream property at an affordable price.