The latest housing price figures are in and they’re quite a bit higher than this time last year.
The combination of mortgage rates still hovering above 7%, and housing inventory that is still low, means Bay Area prices are likely to stay high.
In fact, most counties saw pretty big price hikes even from last year -- some by as much as 20% from last year.
And even with a little more inventory on the market, it's the spring season, and people are looking to buy, and running into these home prices.
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Economists say it's scarcity, but it's also a lot of buyers overbidding because they can.
"The prices are going up I believe, more than just the interest rate and the scarcity. It feels like there's still a lot of money in the economy,” Matt Dinapoli, CEO of Dinapoli Capital Partners, said.
There is now a 180% gap between the typical Bay Area mortgage payment and the typical Bay Area rent payment.
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Housing analysts are now saying it's less expensive to rent in just about every category here.
