Home prices hold in East Bay despite increased inventory

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Inventory is up in East Bay home sales this summer but prices are holding, in most cases.

Inventory is up in East Bay home sales this summer but prices are holding, in most cases.

Home owners all across the East Bay are trying to capture some of that hard earned equity in a home market with rising prices. There are more 'for sale' signs than last summer, especially in the Tri-Valley area.

Inventory in Livermore is up 48% over summer 2015. There is an increase of 37% in Dublin and 42% in San Ramon. Despite more homes on the market prices are still rising modestly.

"There are buyers coming into the market. They are well-qualified buyers and part of that is jobs. The economy in the Bay Area is just a steamroller," said Will Doerlich with Bay East Association of Realtors.

But there are some signs of hesitation at the upper end of the home market in places like Orinda, where more people are selling. Inventory is up 35% but prices declined by 17%.

The homes that are listed sell in 7 to 10 days in places like Pleasanton.

"We have to be sensitive on where we are pricing our homes. We don't have bidding wars we had four months ago, but we still have strong interest from buyers, and that's the important thing," said Kris Moxley, a real estate agent

There may not be a bubble ready to burst, but buyers are coming from San Francisco and the Peninsula for affordability, from Tracy and Stockton to cut commute times and millennials are jumping in with new high density construction along BART lines.
Related Topics:
realestatehousing markethousingaffordable housingbusinessjobseconomyDanvilleDublinPleasantonSan RamonLivermoreStocktonTracySan Francisco
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