The median house price in the area gained 5% in August to $1.26 million versus a year earlier at $1.2 million.
According to the latest data from Compass, this marked the first time in 13 months that the price didn’t decline.
"San Francisco as a market or the peninsula as a whole is pretty brutal," Ben Lo, a Bay Area-based millennial who started house hunting after getting engaged in July, told Yahoo Finance. "It is not just the highest price, but you needed to remove contingencies on inspections, you needed to pay all cash, there's just so much more to it in San Francisco.”in equity as the market digested higher mortgage rates and widespread tech layoffs.
"Buyer demand rebounded in 2023 from the deep low point of late 2022," Carlisle wrote in his market report. "Along with the substantial decline in new listings, this has created an imbalance in supply and demand, leading to faster sales, more multiple offers, and more sales over asking price.”For instance, Santa Clara, with a population of nearly 2 million residents and the heart of Silicon Valley, had 1,190 active and coming-soon listings as of Sept. 1.
Traditional buyers are challenged further by the increasing number of all-cash buyers. The percentage of all-cash buyers in Santa Clara, for example, rose to over 28%, an eight-year high, according to Compass data.
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