The median price for a home in San Jose hits a record high of just over $1 million

HouseCanary
feverpitched / 123RF
According to a recently released quarterly report by the National Association of Realtors, San Jose, California has just become the first metro area to boast a median single-family home price of over $1 million. And we thought the housing market in Portland, Oregon was getting a little out of hand. In addition to this surprising revelation, the report also noted that the median prices for single-family homes rose by roughly 83 percent across all measured markets. Essentially, homes are more expensive now than ever before, and the trend doesn’t appear to be slowing down anytime soon.

Of the 178 metropolitan statistical areas the NAR examines, just 29 of them — roughly 16 percent — reported lower median prices from the year prior, though there were a touch fewer rising markets in 2016’s second quarter than its first. So what does this entail? Well, the first quarter of 2016 experienced price gains in 87 percent of its areas as opposed to 83 percent. Lower, yes, but still a sign of a dramatically rising housing market.

The San Francisco 49ers now play at Levi's Stadium in Santa Clara, California. Perhaps one of the reasons for rising house prices in the area?
The San Francisco 49ers now play at Levi’s Stadium in Santa Clara, California. Perhaps one of the reasons for rising house prices in the area? ruslan_kokarev / 123RF

“Steadily improving local job markets and mortgage rates teetering close to all-time lows brought buyers out in force in many large and middle-tier cities,” said Lawrence Yun, NAR’s chief economist. “However, with homebuilding activity still failing to keep up with demand and not enough current homeowners putting their home up for sale, prices continued their strong ascent — and in many markets at a rate well above income growth.”

For the sake of comparison, the report found the nationwide price for a single-family home in 2016’s second quarter sat at $240,700, which represents a modest 4.7 percent increase over 2015’s second quarter. Furthermore, this year’s first quarter saw a 6.1 percent rise in median cost from the year prior while total existing-home sales — which encompasses single-family homes as well as condos — increased 3.8 percent this year.

“Primarily from repeat buyers moving up or trading down, existing sales increased each month last quarter and could’ve been even higher if not for a few speedbumps,” Yun added. “Closings were slowed a bit by meager supply levels and home prices in many areas that are still rising too fast.”

While San Jose takes the cake for most expensive single-family home prices in the country, the metropolitan area of Youngstown-Warren-Boardman, Ohio bring up the statistical rear with a median price of just $85,400. Granted, living in such a town may not be as sexy as living in burgeoning San Jose but at least your dollars may go a bit farther in the midwest than the west coast.

Smart Home

Amazon Echo devices get steep discounts for Prime Day

In advance of Amazon's biggest sale of the year -- Amazon Prime Day -- some of the company's most popular Alexa-powered smart home devices are getting their prices slashed in a major way.
Smart Home

Clean your home for cheap with these awesome Prime Day vacuum deals

Modern technology has made keeping a clean home a little bit easier, and now that tech is getting cheaper too. For Prime Day 2018, Amazon is slashing the prices of many of our favorite vacuums, some of which are of the robot variety.
Smart Home

Think inside the box with these tricked-out shipping container homes

Believe it or not, but sustainability can be sexy. These 26 shipping container homes mesh recycled steel with a wealth of different materials, culminating in a set of spectacular homes that showcase modern design at its finest.
Gaming

Xbox One S vs. Xbox One X: Is the costly upgrade worth the money?

The Xbox One X is officially here and pretty much everything rumored about it was true. Is the higher price point worth it, or does it put it out of reach for most consumers? Here's how it matches up to the Xbox One S.
Home Theater

How to install an HD antenna so you can start enjoying free television

Today's TV antennas will get you loads of free over-the-air broadcast TV, but setting them up can be a challenge. We walk you through how to install a TV antenna, and provide tips on picking the best antenna for your home.
Home Theater

The ultimate surround sound guide: Different formats explained

Wondering which is the best surround sound format for your home theater system? Start by learning the technical differences between the various formats with our ultimate surround sound guide.
Product Review

Knock, knock. Who's there? The Ring video doorbell shows you on your phone

Along with the door itself, the doorbell is one of the first items most visitors will interact with when entering your home. The Ring Video Doorbell can show you who's at the door, whether they've actually rung the doorbell or not.
Product Review

Ring’s Video Doorbell Pro goes on a diet, but doubles the resolution

Porch pirates will think twice when faced with Ring’s Video Doorbell Pro. Packing top tier features into a slim design, the Doorbell Pro is at home beside any front door.
Movies & TV

Binge away with our guide to the best on-demand streaming services

Looking to waste a weekend bingeing or just putting together a movie night? Find out everything you need, from prices to features, in our guide to the best online streaming sites and services for on-demand movies and TV shows.
Deals

Walmart slashes Google Home prices for Prime Day

Prime Day is a great time to find great deals on Echo devices, but if you use Google for all of your smart home needs, Walmart is offering steep discounts on Google Home, Google Home Mini, and Google Home Max to stay competitive.
Mobile

Visual snapshots on Google Assistant provides your day at a glance

Google's artificially intelligent bot, Google Assistant, is available on smart home speakers, smart home devices, iOS and Android phones, and it can do a whole lot of work on your behalf. Here are all of its features.
Smart Home

In the market for an Instant Pot? These are the four best

They're perfect for people who don't have the kitchen space to store all kinds of appliances, minimalists who want to keep their homes lean and mean, and home cooks who love the versatility that an Instant Pot offers.
Smart Home

eBay will give you a free Google Home Mini with any $119 purchase

Google is having a sale, Amazon is having a sale, and now, eBay is having a sale, too. If you're looking for a new smart speaker for your smart home, you can now get a Google Home Mini for free with any purchase of $119 on eBay.
Smart Home

The 10 Best Google Home Games

Google Home is a handy device, but did you know you can play games with it? There are a ton to play, and we tested them all. Here are some of favorites that you can play on your Google Home device.
Smart Home

How to set up your Google Home device in 10 easy steps

This device can do a whole lot, from playing music to reading the weather to controlling your smart home devices. We break down how to set up your Google Home so that you can get started enjoying all the things this product can do.
Smart Home

Allergies acting up? The six best air purifiers on the market can offer relief

Indoor air is often more contaminated than the air outside, which can cause an array of health issues over time. Luckily, these five air purifiers can easily rid your home or office of unwanted allergens and contaminants.
Smart Home

Every parent’s nightmare: A 3-year-old gets trapped in a washing machine

When kids begin expressing interest in helping around the house -- poking around the dishwasher or learning about the laundry -- parents normally rejoice. But that was not the case for one 3-year-old trapped in a washer.
Smart Home

Nest will merge into Google’s home and living room team as CEO steps down

Nests' CEO has stepped down as Marwan Fawaz is reportedly no longer at the helm of the Google-owned smart appliance maker. Nest will now join Google's home and living room products team.
Giveaways

Win the new Square Off Kingdom Set automated smart chess board

The all-new Square Off Kingdom Set "smart" chess board takes this centuries-old game into the 21st century, letting you play against AI or compete with millions of players from all around the world -- and it even moves the pieces for you.
Smart Home

Wait, there's more! The Instant Pot Ultra 8-quart is also on sale for 33% off

If you're looking for a way to do more cooking without spending more time in the kitchen, Prime Day has a gift for you. It comes in the form of the Instant Pot Duo 60, which is 35 percent off. The Instant Pot Ultra 8 Qt is also on sale.
Smart Home

Samsung’s S9 and S9+ Prime Day bundles include an Echo and an Echo Spot

Samsung's Amazon Prime Day bundles include an Amazon Echo, Echo Spot, and a Samsung SmartThings Home Monitoring Starter Kit for no extra charge with Samsung Galaxy S9 or S9+ smartphones. The bundle savings equals $430.
Emerging Tech

The UN and Yale unite to build a ‘smart’ tiny house for the future

In an effort to create more sustainable and affordable housing for future populations, the United Nations and Yale University recently teamed together and created an environmentally minded tiny house.