Why are Bay Area home prices on the rise again?

New numbers from the California Association of Realtors show the median price for a South Bay home is now $1.8 million, a 20% jump in one year. Scott Budman reports. #housing #realestate #homeprices

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[mm]

It's not just the monthly payment. It's the property tax that never goes away.

[Needglory]

Because the value of the dollar is decreasing.

[EmilyElizabethRimel]

Why are Bay Area home prices on the rise again?
Answer: Supply and Demand

[ginjjiigok]

Hardly any new homes are built today compared to past decades

[MultiMojo]

Million dollar plus homes, but the roads are still terrible, crime is rampant, and taxes are insane.

[BuhodePiedra]

Because we manufactured scarcity in housing to manipulate the market?

[matthewche]

Same as always. Low supply and high demand.

[duotronic]

If the price of carrots, potatoes, insurance, electricity, water & gas doubles, so will real estate.

[cyronader]

when will housing market gonna crash? this can't last forever...

[williamryan]

The reason the prices are still rising is Global investors in California real estate and the people that are benefiting are the ones smartly deciding on escaping this hellhole.Ask yourself why anyone in their right mind would pay millions over the average National rate for a home with homeless camps, Filthy streets, absent law enforcement, High Taxes, Lack of ability to insure the property and mentally ill and drug addicts are drug cartel people running the streets.The market is artificial and the endless price squeeze by investors and Pro traders is here permanently.No such thing as a normal neighborhood where people buy a home to actually live in.

[jessicah]

Is the Bay Area really that amazing? Must be nice to afford a small home for 2 million and think it’s a deal.

[MrMountain]

Rich techies driving up prices in the bay. Nothing new.

[zz-.-]

lol “paid for by the national association of realtors” get a grip people prices are not rising at all. Sellers are listing lower. There’s tons of inventory and tons more coming online as spring starts. Buyers are few and far between. Prices are flat and going down.

[mutqupu]

You think the home cost is bad? Wait till they reassess the property tax at market value and the bill is over 20k. It's crazy what people are paying for old ass homes that would be barely 200k anywhere else. California has become a money pit in every department you look. You can have that so called great weather everyone is talking about. Between the bad policies, politics, crime, living cost, homelessness it ain't worth it.

[jayo]

STOP ALLOWING CHINA TO BUY ALL THE SINGLE FAMILY HOMES. WHY IS THIS STILL ALLOWED WHEN SO MANY AMERICANS ARE FACING HOMELESSNESS ?!?!?

[Jayl-ozze]

Spoiled tech industry workers on visas making $150k-$300k annually + stock options is the reason. Maybe Us Americans should become programmers.

[pcdude]

Homeowners aren’t benefiting.
They have to pay higher property tax and they can’t sell their home and go out on a bidding war on another place. State, County and real estate brokers are the ones benefiting.

[CalvinMorris-cfjk]

it might just be that everyone on earth wants to live in the Bay Area because the Bay Area has the best weather on earth. no boiling your butt off and no shoveling snow. nice and sunny 340 days a year with a average income of 110, 000 and good jobs everywhere you look if you are looking to buy a home remember these three words before you do. LOCATION LOCATION LOCATION.🙂🍺☀⛱.

[jeraldb]

I’m so glad I bought my new home in 2020….i wasn’t going to sell because I didn’t want get into another home with a higher rate, but for what I can sell it for now, the gain is more than enough to offset the higher rates

[marcocovarrubias]

I just came back from the future 2030, median prices in Santa clara are $100 million dollars, so $1.8 million is a bargain. Still no thank you.