The San Jose housing market is leading the national trend for housing bids over the asking price. According to a new Zillow report, roughly 68.5 percent of homes sold in this metro went for over the asking price, the highest share in the U.S.
In San Jose, the median amount paid over list price was $62,000, or 6.8 percent above list. From 2012 to 2017, the share of over-asking deals went from 49.1 percent to 68.5 percent. Nearby, the share of over-asking sales increased from 34.6 percent to 41.2 percent in the Sacramento metro, where the median amount paid above the asking price last year was $9,000, per The Mercury News' reporting.
Given the combination of strong buyer demand and limited home supply here and nationally, Zillow senior economist Aaron Terrazas doesn’t expect the over-asking situation to change much in the near future. “We don’t expect this inventory crunch to ease meaningfully in 2018, meaning buyers will be facing many of the same struggles this year,” he said.
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