A condemned Northern California house with holes in the roof and mildew in the pipes sold last month for $1.23 million, a price tag that highlights how a housing shortage is fueling skyrocketing home prices in the San Francisco Bay Area. Listing agent Larry Gallegos said Wednesday he received three cash offers after listing the Fremont home in January for $1 million. The three-bedroom, two-bath house home closed $230,000 over the asking price on March 30, said Gallegos, of Better Homes and Gardens, Reliance Partners. Gallegos, 64, said his father bought a home in Fremont, 35 miles (56 kilometers) south of San Francisco in the late 1950s for $13,000. The owner of a burned-out house in nearby San Jose last week listed the property for $800,000.

Source: ABC News April 18, 2018 20:48 UTC