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Why are Bay Space residence costs on the rise once more? – NBC Bay Space

New numbers from the California Association of Realtors show the median price for a South Bay home is now $1.8 million, a 20% jump in one year.

In San Francisco, the median home costs $1.6 million, which is also a jump over last year.

Local realtors said sellers are starting to move past concerns over high mortgage rates and focusing instead on the high return they can get for their houses. The shift means higher home prices and a wider gap between buying and renting in the Bay Area.

NBC Bay Area tech and business reporter Scott Budman has been tracking the numbers and has more in the video report above.

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