Silicon Valley home market squeezing buyers and sellers [Silicon Valley]
Statistically high median home prices in Silicon Valley’s housing market continue to belie soft market conditions, including falling prices, swollen inventories and tight mortgage money in some areas.
Real estate agents on the street say an “inverse” market has emerged, forcing sellers to cut prices for buyers who are having a tough time finding financing.
The median price of single-family homes in closed sales in June, $867,500, was only slightly off the record-high median $868,406 set back in April, according to the Bay Area Real Estate Market Newsletter.
The current median is nearly $50,000 more than it was a year ago, but that doesn’t mean Silicon Valley’s housing market is booming.