Home Prices Exploding in Silicon Valley Amid More Millionaires

  Bloomberg News recently ran an interesting article about how several booming businesses and IPO filings are affecting  the Silicon Valley housing market. We thought it was a story worth sharing.

A surge in wealth from technology stock sales and initial public offerings is spilling into the Silicon Valley real estate market as newly rich workers bid up home values in suburban cities south of San Francisco.

The median price of single-family houses sold in Palo Alto, home of Facebook Inc., climbed 20 percent in May from a year earlier to $1.63 million, the biggest jump since 2008, according to preliminary figures from research company DataQuick. In Mountain View, the base of LinkedIn Corp., prices rose 3.1 percent to $957,500, the ninth year-over-year gain in 12 months…

Click here to read the full story.

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