Despite the ongoing coronavirus pandemic, the Bay Area housing market remains hot and expensive.
Recently released figures show prices have actually increased over the last year. With new tech money coming to the market, prices could soon increase even more.
CoreLogic says prices — both nationwide and in the Bay Area — have climbed between 4% and 5% year-over-year.
“I do think prices are going up,” Holly Barr with Sereno Group said. “They haven't really taken a step back. They're still adding on to where they were this time last year."
The increase is partly due to tech stocks staying hot.
Apple, Facebook and Tesla are all hitting new highs. So has the tech-heavy NASDAQ index.
Adding a shortage of supply leads to a hot housing market that never really cooled down.
“There is an absolute shortage of inventory of homes in the country actually, but especially in the Bay Area,” Zillow economist Jeff Tucker said.
The housing market likely won't cool down anytime soon.
Eight tech companies are set to go public this week alone. That means new money coming to tech employees, who may be looking to buy houses in the area.