Homes are selling for $1 million over asking amid frenzied market

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At least 3 US homes have recently sold for more than $1 million over asking price. It's the latest sign that the housing market has gone completely off the rails.

The deal mirrors similar sales on the other side of the country. According to, a seven-bedroom home in Mountain View, California, also recently sold for $1 million over asking. The 4,365-square-foot home, located just a few miles from Google's headquarters, was listed at $4.5 million; it sold six days later for $5.5 million.

And earlier this year, a Berkeley, California, house almost doubled its price: The home was listed at $1.3 million, received 29 offers in just over 10 days, then sold for $2.3 million, according to SF Gate.These sales are representative of a feverish real estate market nationwide. Low interest rates during the pandemic combined with a desire for more space and the ability to work remotely has led to bidding wars, surging prices, and low inventory in many markets across the country.

 

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