Bay Area Property Prices Hit Records, But Sales Slip
Home prices in the San Francisco Bay area climbed to an all-time high last month while sales slipped.
The median price paid in the area for a home in April was $686k, up over 4% from a year before, but at the same time sales fell 7.3% over the period according to a report from Contra Costa analysts, Bloomberg reports. And it’s not surprising that sales fell while prices continue to skyrocket—the report says the supply of homes on the market in the low to middle price ranges haven't kept pace with demand. That’s leaving would-be buyers struggling with an increasingly costly inventory at the same time luxury sales are falling around the country. [Bloomberg]