Top cities in California are seeing home values grow as competition for properties continues to ramp up, pushing up prices and making buying a house in the state one of the most expensive propositions in the country, according to real estate platform Zillow.High prices along with elevated mortgage rates is making homeownership a tough choice for most Americans. At the national level, a home is worth nearly $356,000, a more than 42 percent jump from before COVID.
'Shoppers in these tech-heavy markets are still experiencing bidding wars as commonplace—they all ranked among the 10 major markets with the highest share of homes sold over asking price in February,' Skylar Olsen, Zillow's chief economist, said in a note published on the platform's website.Those looking to buy in these areas are battling over little available inventory, escalating what sellers can charge on a home.
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