Home prices in the Bay Area are among the nation's highest. There's little land to build on and its tech economy draws educated, well-paid workers from all over the world.
That keeps the housing market sizzling. The median price of homes sold during the last three months of 2012 was about $700,000, according to the National Association of Home Builders (NAHB).
While rents are no bargain either, it still takes at least five years before buyers can start reaping the financial benefits of homeownership, Trulia found. At that point, homeowners realize about a 5% savings over renting. After seven years, that savings advantage climbs to 19%,
From Los Altos, Calif. to Brooklyn, N.Y., these 20 cities had the highest number of home sales exceeding $1 million during the 12 months ended June 30, 2013.
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||4.44%||4.43%|
|15 yr fixed||3.46%||3.46%|
|30 yr refi||4.44%||4.42%|
|15 yr refi||3.46%||3.45%|
Today's featured rates: