Gradually falling mortgage rates are now leading to a small dip in housing prices, new Zillow numbers show.
As mortgage rates have fallen from 8% back down to around 7%, the median price of a home in San Francisco has also fallen, by about 1.5%.
Zillow says every little bit helps, but to really see prices drop here, a lot more housing needs to be built.
“It’s all about supply and demand,” said Orphe Divounguy, Zillow senior economist. “You have these beautiful areas where people want to live, but you just don’t have enough supply.”
Business and Tech Reporter Scott Budman has more in video player above.
Source: NBC Bay Area
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