Competition among buyers and record-low mortgage rates continue to drive prices and sales up in the nine-county Bay Area. Reports from the new Bay Area Market Report show that prices are up an average of 24% from last quarter and sales are up an average of 36% from last quarter. Homes are also selling faster.
Oakland and Richmond are going especially bonkers these days. The average sales price of a home in Oakland has risen 31% since this time last year and Richmond has jumped 30%. It’s a good time to a player in the market around here, my friends.