The Bay Area saw another drop in home prices last month, as mortgage rates continued to soar.
showed the region was one of the only in the state to see a year-over-year decline in the median home price.
In the Bay Area, San Francisco saw the biggest drop in the median price of homes, dipping more than 14% to $1,460,000 in July. It fell 8.5% from the previous month. Other notable figures showed Sonoma County with an almost 4.5% increase in home prices from a year ago, with the median price for a home at $850,960 in July. By contrast, San Mateo County had the highest median in the Bay Area at $1,984,000. That was down almost 3% from a month ago when the median was $2,039,000.The number of homes being sold was also down in the Bay Area, falling more than 14% last month compared to a year ago. home sales were down 16%, From the previous month.
"Many in the market aspire to become homeowners and are actively looking to buy, but the shortage of homes for sale and elevated mortgage rates remain challenging headwinds for them," said Bay Area realtor and C.A.R. President Jennifer Branchini.Last week,said that the U.S. 30-Year fixed-rate mortgage had reached its highest level in more than 20 years.
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