Home prices are continuing to fall around the Bay Area, and it looks like the trend will continue into the new year. However, the drop in prices is still leaving much to be desired for homeowners.
"We are experiencing a housing affordability issue," said Oscar Wei, economist with the California Association of Realtors.
According to the association, higher interest rates, inflation and layoffs are just some of the reasons why sellers are making less on their homes.Sign up for NBC Bay Area’s Housing Deconstructed newsletter. "Cost of borrowing has been increasing around 30% to 40% higher than the early part of the year," Wei said. 'That is why we expect prices to slow down."
Home prices are expected to drop by 8.8% next year in California, but that doesn't mean people are rushing to buy a home. Orphe Divounguy, a Zillow senior economist said prices are falling out but not as much compared to how they have increased during the pandemic.
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