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Bay Area home prices tumble, numbers show

The Bay Area tends to lead the country when it comes to high housing prices, but new numbers show the region also leads in price drops.

According to the latest numbers from Go Banking Rates, the average home price for Palo Alto was down nearly $500,000 from this time last year. In Mountain View, prices were down $250,000. In San Francisco, prices were down more than $200,000.

But prices might soon bounce back a bit, according to the California Association of Realtors.

Because of continued scarcity, brought upon by high mortgage rates, not only are some buyers scared off by 7% mortgage rates – some sellers are, too.

“It just doesn’t feel right,” California Association of Realtors Deputy Chief Economist Oscar Wei said. “I have to give up my $2,000 mortgage in exchange for a $4,000 or $5,000 monthly mortgage. It doesn’t feel right for a lot of people, and because of that reason, we haven’t seen a lot of properties or residential homes being put up on the market.”

Scott Budman has more in the video report above.

Source: NBC Bay Area

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