San Jose first US city where median home price reaches over $1 million

SAN JOSE, Calif. (KGO) -- San Jose has become the most expensive metro market for homes in the country.

The median home price soared to just over a million dollars, topping even the San Francisco-Oakland metropolitan area.

For those who live in the city or for those looking for a home, the report by the National Association of Realtors that San Jose's median single family home price broke the one million dollar mark the first time ever for a metro area was not surprise.

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There is a surplus of buyers and very low inventory, which drives prices up.

Amy McCafferty has been a realtor with Alain Pinel for some thirty years. She say,"Our prices have gone up because there's very little property in the lower price point available."

And San Jose, where buyers flocked for more affordable housing, they've had to look for pricier homes.

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So, who's buying these homes?

"A lot from overseas and a lot just from other states, and they're relocating here for jobs for new positions," said McCafferty.

Gerald and Renee Fisher live in the Almaden Valley. They just sold their home and they made a killing. They bought their home 23 years ago for $299,000 and sold it for the prevailing rate.

"I never thought we'd make money with our home," said Renee.

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