Bay Area Prices Rise Up, Mortgage Rates Fall Again
Home prices in the San Francisco Bay Area are increasing on a regional basis according to the data from the Case-Shiller Index. After a spring decline, hitting a low in June of this year, prices have sharply risen in summer. The index for the San Francisco Metro is up 0.9% in July and 2.5% year-over-year. This tracks just above the 0.8% rise in national prices month-to-month.
Meanwhile, mortgage rates remain at historic lows with Freddie Mac reporting a 30-year fixed-rate mortgage at 2.88%. This has helped sustain buyer demand with higher purchasing power.