The jump in mortgage rates means if someone purchased a million dollar home now compared to January 1, they would be paying $1,400 more a month in interest.
Meanwhile, there is still a lack of inventory, especially in the Bay Area.
San Jose's housing crisis is the worst of any major United States city due to its low inventory, according to the latest survey from the internet services company ANGI. The San Jose metro area has 20% fewer homes on the market compared to last year. San Francisco comes in third on the list. "Buyers are often expecting that the prices are going to drop whenever the interest rates go up, but historically if you look at the last seven times interest rates went up, prices still went up," Jamison said."We're actually into a period where consumers are able to buy properties with contingencies," said Brett Caviness, Silicon Valley Association of Realtors president."Early this spring it was common to see 15 to 20 offers per property.
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