Bay Area Housing Prices Up From last Year, Nearly 5-Percent for Sonoma County – KSRO

Bay Area housing prices have increased significantly from last year. They are expected to stay high due to low inventory and mortgage rates still hovering above seven percent. Matt Dinapoli, CEO of Dinapoli Partners, says even with more inventory, buyers are overbidding on homes because they can. Most counties saw substantial price hikes from last year, some by as much as twenty percent. Numbers from the California Association of Realtors show Sonoma County home prices went up nearly 5-percent with a median selling price of 865-thousand dollars. Housing analysts say that it’s cheaper to rent than buy. Bay Area mortgage payments are now 180% higher than rent payments.