Home prices in the Bay Area are continuing to see price hikes that just keep growing and growing. A new report features statistics that show just how much of a jump these home prices have made in April 2018.
"Across the Bay Area, the median price in April also jumped by double digits to $850,000, up 13.3% from the $750,000 median price in April 2017," according to National Mortgage News.
"That beat the record median of $830,000 set in March, said CoreLogic analyst Andrew LePage."
There have been a number of reasons behind the continuous spike in hime prices in the Bay Area. Experts believe that much of it can also be attributed to a higher number of sales in areas with mid to high-priced homes.
The report also revealed that sales volume in the Bay Area increased by 8.2%. Naturally factors such as high-demand and low inventory have also been contributing to the spike in home prices for the Bay Area, as well as the continuously growing economy.
As for buyers, now looks to be the time to purchase a home as mortgage rates are continuing to climb. While rates are currently quite high, it would be best to take advantage of them now.
To learn more about the increase in home prices in the Bay Area, click on the image above.