There’s a sudden spike in Bay Area housing prices, largely because there aren’t many houses out there to buy.
The National Association of Realtors says the median price for a Bay Area single family home jumped by 17% last month.
With mortgage rates still above 6%, and the economy growing uncertain, inventory has stayed low.
But, according to Re/Max Bay Area, spring traditionally brings new buyers into the market, and many of them are willing to pay the Bay Area’s high prices.
“There are still a number of buyers out there in the market, no doubt about it,” said Tim Yee, broker at RE/MAX Gold Bay Area. “There’s still, despite the layoffs, despite the economy, there’s still a number of people in the Bay Area who can afford to buy, and who want to buy.”
Business and tech reporter Scott Budman has more in the video player above.
Source: NBC Bay Area
Be First to Comment