Homes sales across the country fell by 3.5% over the last month, according to the National Association of Realtors.
The Bay Area housing market, however, bucked the trend with prices growing last month, Zillow reported. The average home value in the region now sits at $1.1 million.
Listings in the Bay Area are also up over the last 30 days, with buyers focusing on the lower end of the market.
“Those homes are the ones where we’re seeing prices rising faster,” Zillow chief economist Nicole Bachaud said. “We’re seeing inventory depleting a lot faster because that’s where the sales are being concentrated — in that lower point because that’s where we have people being able to afford to buy.”
Local agents said buyers are trying to find a better price due to high mortgage rates.
“I am seeing some multiple offers on some mid-priced homes for Silicon Valley. People are excited and they are over that 6%, like that’s what we are used to,” said Holly Barr with Compass Real Estate.
Meanwhile, the long-term numbers are still considerably lower. Zillow said new listings over the last year are down 23% and pending home sales are down 35%.
Source: NBC Bay Area