As we read news about the flooding of San Joaquin Valley by those intrigued by its attractive home-sale prices, Mercurynews.com reported this morning a decrease in Bay Area home sales, and prices.
The drop was just under 2 percent, bringing median home prices from $540,000 in August to $530,000 in September, with three main contributing factors according to DataQuick’s release report.
“The frenzied pace of the housing market was tempered by high interest rates, increase numbers of homes for sale and fewer of the investor purchases that have pushed prices up all year,” according to Mercury News reporter Pete Carey.
San Joaquin Valley home prices seem to be on the up and up as a growing number of Bay Area homebuyers are looking to escape the comparably expensive costs of living in the Bay. San Joaquin Valley is currently experiencing heavier investor activity, “record low mortgage rates,” and a tight inventory.
Please read “Bay Area home sales, prices drop in September,” for story details.
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