S.F.’s median sold price hits $1.175M

The San Francisco Chronicle reports:

If it seems like San Francisco home prices jumped practically overnight, they (sort of) did.

Prices rose yet again this June, up 2.2% from May and, more strikingly, up 17.5% from June of 2014. Such rapid appreciation can be attributed to many things: the influx of wealth to the city, new residents arriving for our revived tech boom, continued low interest on loans. But likely the biggest factor is the same one it’s always been: not enough houses for all the people who want to buy them. In other words, simple supply and demand. And the supply, always tight, is still tighter, with the number of homes for sale down 21.9% year-over-year this June. The result: The median sold price for all types of homes in S.F. in June, 2015 was $1.175M.

Blue America sure doesn't care about the middle class! That's why there's a limit on the supply of houses in San Francisco.