Have Bay Area Home Prices Hit A Ceiling?
The Bay Area home market remained sluggish in November, as buyers searched for cheaper Homes and sales slowed entering the holiday season.
The median sale price for a single family home in the Bay Area fell 2.4% to $803,200 in November from the previous year, according to Zillow.
Buyers favored more affordable homes as pricier offerings in Silicon Valley made up a smaller Portion of sales.
After years of runaway prices, home shoppers are reaching the upper limits of their budgets, Agents and economists say.
"More than anywhere else in the country, the Bay Area has hit an affordability ceiling," said Zillow economist Jeff Tucker. "Once a price gets high enough, it's out of reach."
The Santa Clara County median single family home price fell nearly 2% to $1.11 million, the 11th Straight month of year-over-year declines in the once red-hot market popular with techies.
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