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Median home price for San Francisco hits record $1.6 million

Aerial view of San Francisco
Aerial view of San Francisco. Photo: Smith Collection / Gado via Getty Images

San Francisco's housing bubble continues to grow — with the median sale price for a home in the city soaring to a new high of $1.6 million in the first quarter of 2018, according to a new report from Paragon Real Estate Group, per Bloomberg.

Why it matters: The booming San Francisco economy, bolstered by the tech sector and coupled with years of under-building have led to an historic shortage of affordable housing. And the latest price spike shows that the disparity between the rich and everyone else continues to widen.