Prices went up for the first time in 14 months due to tight supply and sustained homebuying interest.
It’s unwelcome news for homebuyers: Bay Area home prices are back on the rise.
Homeowners aren’t moving unless they must, said Renée White, a real estate agent with Keller Williams in Walnut Creek. Getsemani Gonzalez and Kelsea Manion saw that firsthand when they started looking for a home earlier this spring. They liked a $700,000 condo in Emeryville with views of the San Francisco skyline and submitted a bid slightly over asking. The condo sold to another buyer for $1 million.
The lack of inventory has pushed many would-be buyers to the sidelines. Varun Mehra and his wife, who currently rent in San Francisco, have looked at four-bedroom homes around the East Bay and San Jose in the last few months. They’ve struggled to find many options within their budget.
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