As far as soaring housing costs go, we didn’t have to look far for new evidence this week. A Sunnyvale home located at the end of a cul-de-sac near Los Altos and Cupertino sold for a record $3.1 million, which was 25-percent above the list price, according to NBC Bay Area. At 2,900 square feet, with five bedrooms and four bathrooms, the home is now Sunnyvale’s most expensive single-family home ever sold, according to the news station.
Realtor Anne Moran told NBC the buyers “wanted this part of Sunnyvale because it’s close to Cupertino schools.”
By now most locals are well aware of why relatively modest homes are commanding record prices: housing supply is failing to keep up with demand. The attractiveness of living in the South Bay, where globally powerful companies like Apple call home, continues to attract high-paid residents to the region. They’re competing for a short supply of homes, which drives up prices and makes it difficult for even Apple’s engineers to afford them.
In April, median home sales prices in the Bay Area continue to climb, reaching a record $850,000, according to CoreLogic data. In Santa Clara County, median sales price rose 23.3-percent year over year, from $916,500 in April 2017 to $1.15 million this past April, the data showed.
Read and watch NBC’s full report here.