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REDWOOD CITY <br />For the Quarter Ended March 31, 2018 <br />PFM Asset Management LLC <br />Growth in Housing Market Continues <br />Both nationally and locally, limited housing <br />supply continues to drive prices higher. <br />Median price for single-family and re-sale homes <br />and condos in San Mateo County set new all- <br />time highs in March. <br />•The median price for homes rose 20% over <br />last March. <br />Nationally home prices continue to move higher <br />and the S&P Case-Shiller index climbed 6.2% in <br />January year over year. <br />100 <br />120 <br />140 <br />160 <br />180 <br />200 <br />220 <br />Jan 00Jan 01Jan 02Jan 03Jan 04Jan 05Jan 06Jan 07Jan 08Jan 09Jan 10Jan 11Jan 12Jan 13Jan 14Jan 15Jan 16Jan 17Jan 18S&P/Case -Shiller Composite of 20 Home Price Index <br />3-Month Moving Average <br />Source: S&P/Caseh-Shiller: Bloomberg, as of January 2018. San Mateo County: Real Estate Report presented by Andrew La Mont, as of March 2018. <br />San Mateo County <br />Market Update <br />15 6.1.B. - Page 21