Why Are Bay Area Home Prices on the Decline?

A new S&P Case-Shiller report shows the average San Francisco Bay Area home value down by more than 7% year-over-year, while other tech-heavy markets like Miami and Atlanta soar.

"There are a lot of people that are leaving the state," said Lynsie Gridley, an agent with Compass Real Estate. "Multiple states have had a huge influx of Californians."

Gridley said there are still positive signs on the horizon as the usual hot spring housing market arrives.

NBC Bay Area's Scott Budman has more in the video report above.

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