Home prices in the Bay Area continue dropping. But the bad thing is, so is the inventory.
Prices are lower by about 8% since June, according to Re/Max.
"There will be a sweet spot coming," said Tim Yee, president of Re/Max Gold Bay Area.
He added that because of high mortgage rates and low inventory, that sweet spot to boost home sales isn't here yet -- largely because people aren't selling their houses.
"People are getting used to the fact that something that may have been worth 20 or 30% more in the last six months is worth a little less now, so they're getting a little less bang for their buck," said Yee.
So, without inventory -- a relatively small price drop leaves homes still too pricey for most young buyers.
"It's definitely not enough," said Katarina Capulong of San Jose. “It is definitely a goal, but I don't see it ever happening for me personally, because I want to be a teacher, and teachers do not make enough money to even survive in the Bay Area.”
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Emiliano Jimenez of San Jose said, “I'm studying right now to be a civil engineer, and coming out of college I won't be able to afford a house here … and I'll be an engineer."
Experts say one thing that would convince more people to sell is more options to buy something else in the Bay Area.
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Also, some people said they're hesitant to sell right now, because prices are dropping. But, they admit, they don't know where prices go from here.
