There’s a sudden spike in Bay Area housing prices, largely because there aren’t many houses out there to buy.
The National Association of Realtors says the median price for a Bay Area single family home jumped by 17% last month.
With mortgage rates still above 6%, and the economy growing uncertain, inventory has stayed low.
But, according to Re/Max Bay Area, spring traditionally brings new buyers into the market, and many of them are willing to pay the Bay Area's high prices.
Get a weekly recap of the latest San Francisco Bay Area housing news. Sign up for NBC Bay Area’s Housing Deconstructed newsletter.
"There are still a number of buyers out there in the market, no doubt about it,” said Tim Yee, broker at RE/MAX Gold Bay Area. “There's still, despite the layoffs, despite the economy, there's still a number of people in the Bay Area who can afford to buy, and who want to buy."
Business and tech reporter Scott Budman has more in the video player above.
