San Francisco Bay Area real estate market

Rising mortgage rates are being blamed for a slowdown in the San Francisco Bay Area real estate market, with local reporting examining how higher borrowing costs are affecting home prices, buyer demand and sales activity across the region. Prospective homeowners are reassessing purchases as monthly payments climb, and sellers face a cooler market than the frenzied pace of recent years.

Several East Bay neighborhoods in the San Francisco Bay Area are seeing a surge in real estate bidding wars, with homes selling for millions of dollars above their asking prices. The Business Journals reports intense competition among buyers is driving final sale prices far past list, as limited inventory collides with renewed demand in the local housing market.