Why are Bay Area home prices on the rise again?

>>> THANK YOU FOR JOINING US. >>> THE BAY AREA HOUSING MARKET IS REACHING NEW HIGHS. THE BENEFICIARIES ARE HOMEOWNERS. LET'S BRING IN SCOTT, WHO IS TRACKING THE NUMBERS. >> WE ARE SEEING FROM LOCAL RETAILERS SANG SELLERS ARE STARTING TO MOVE PAST CONCERNS OVER HIGH MORTGAGE RATES AND FOCUSING ON THE HIGH RETURNS THEY CAN GET FOR THEIR HOUSES. IT MEANS HIGHER HOME PRICES AND A WIDER GAP BETWEEN BUYING AND RENTING. FOUR THEY ARE LOOKING FOR HOMES HERE, AND LIKE MANY WERE HOPING TO BUY, THERE GETTING STICKER SHOCK. >> IT'S VERY TOUGH. UNLESS YOU CAN PUT A LOT DOWN. THAT IS DIFFICULT. >> Reporter: NEW NUMBERS SHOW THE MEDIAN PRICE FOR A HOME IN THE SOUTH BAY IS $1.8 MILLION. A 20% JUMP IN WHEN YOU'RE. IN SAN FRANCISCO THE MEDIAN PRICE IS 1.6 MILLION. >> THE HIGH DEMAND IS THERE, WHICH DRIVES PRICES UP. FOUR A RED-HOT MARKET IS PUSHING SELLER HESITATION ASIDE. >> IT IS STILL A SELLERS MARKET WITH HIGH DEMAND AND MULTIPLE OFFERS ON PROPERTIES. >> Reporter: THOSE HIGH PRICES MAKE IT ALMOST TWICE AS EXPENSIVE PER MONTH AS RENTING HERE.>> ABOUT 95.5% MORE PER MONTH TO PURCHASE A HOME RATHER THAN TO RENT. IN SAN JOSE IT IS ABOUT 86.7% MORE TO PURCHASE A HOME. >> THAT IS A DIFFERENCE OF ABOUT $2700 A MONTH. THE MAJORITY OF BUYERS ARE LOOKING TO

Channel: NBC Bay Area

Views: 36,415

Keywords:

Id: EcfYEjzkHxc

Length: 2min 7sec (127 seconds)

Published: Tue Apr 02 2024