The Silicon Valley Hosuing Market appears to have finally slowed, with homes costing more than $5 million staying on the market a median of 16 days in April of 2016 compared to 11 and 10 days in April of 2015 and 2014 respectively. Bloomberg staffer Alison Vekshin takes a look at why the peak of this market may have passed.
One cause for the market's apparent slow down is a lagging global economy:
Venture-capital investments in Silicon Valley fell almost 20 percent in the first quarter from a year earlier to $4.9 billion, according to an April report from PricewaterhouseCoopers LLP. Chinese buyers -- hit by a slowing economy and government restrictions on how much money can leave the country -- have slowed purchases after they had “really been driving the market,” said Woodson of Alain Pinel.