Bay Area Housing Prices Plummet 24%

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Real Estate

The Bay Area's housing market has taken a nosedive, with prices dropping by a staggering 24% from their peak last summer. This is more than double the national average of 10%.

There are a number of factors contributing to this decline, including rising interest rates, a wave of people moving away from the Bay Area, and an oversupply of homes on the market.

The co-founder of Parcl Labs, a company that tracks the housing market, says that interest rates are a major factor in the decline. However, he also says that home buyers could have more leverage to negotiate a good deal as the spring housing market heats up. So if you're thinking about buying a home in the Bay Area, now is the time to do it. With prices falling and inventory rising, you're sure to find a great deal.


Palo Alto Home Sells for $4.2 Million

This spacious 2,548-square-foot home built in 1963 features six bedrooms, three baths, a garage, two parking spaces, and a backyard pool. It sits on an 8,624-square-foot lot in the desirable 3600 block of Arbutus Avenue in Palo Alto.

The home was sold on April 10, 2023 for $4,150,000, which works out to $1,629 per square foot. This is a record-breaking price for the area, and it's a testament to the high demand for housing in Palo Alto.

The home is located in a quiet, family-friendly neighborhood close to schools, parks, and shopping. It's also just a short drive from Stanford University and the heart of Silicon Valley.

If you're looking for a luxurious and spacious home in one of the most desirable neighborhoods in Palo Alto, this is the home for you.