Bay Area home values increase for first time in 9 months

By KTVU staff

Published May 14, 2023 8:23am PDT

Bay Area home values increase for first time in 9 months

Homes are going up in value again in the Bay Area after 9 months of decreasing prices, according to a new Zillow report.

OAKLAND, Calif. - Home prices in some Bay Area counties are starting to inch upwards after 9 consecutive months of declining prices.

The average home value increased by $800 in April, according to Zillow. The biggest jump was Solano, Marin, Napa, and Sonoma counties.

Real estate agents expect potential buyers to see prices increase throughout the summer.

Part of that is because buyers will no longer be shocked by increasing mortgage rates.

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Some experts say those rates could come down in the coming months which would spark more interest in home purchases.