Record House Prices in San Francisco

The median house price in San Francisco soared beyond the $500,000 mark as the Silicon Valley sees skyrocketing real estate prices. ""Consumers remain confident about the general direction of the economy, and this optimism is spilling over into the housing market,'' said Richard F. Gaylord, president of the Los Angeles-based Realtors trade group. "Many Realtors are finding that while there are plenty of buyers, the number of homes for sale remains low, which is driving up prices in most areas of the state,'' he said. The high prices are making neighboring towns such as Daly City more attractive to first-time home buyers.

Thanks to Abhijeet Chavan