Reporter Cory Johnson made an appearance on Bloomberg Markets on Tuesday and revealed that the booming tech industry in the San Francisco area has led to giant gains in the housing market there.
According to Johnson, in the slower months this year (like January and February), the average Bay Area home sold within 50 days, whereas in June, the turnaround was more like 28 days.
“The pace of sales, not just the price, is happening at a break-neck speed, and that’s leading to a lot of action in the housing market,” he said. “Buyers are being asked to do things like write letters or show pictures of their family and make videos and present themselves to the sellers. It’s not enough to just have enough money to buy the house or mortgage and be approved to do so.”
Image via flickr/Patrick Nouhailler