Tech rebound drives housing frenzy in Silicon Valley
Condo/Townhouse inventory - July 2013 vs July 2012
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Miller said that most clients in Silicon Valley are engineers for one of the major tech firms, including Apple, Google and Yahoo. But other highly paid professionals are drawn to the area because of the good schools, she added.
Pope-Handy said she was surprised by the growing number of first-time buyers of $1 million-plus properties—often people in their late 20s and 30s working at a tech firm. She said the tech industry is driving the housing rebound as well as the area's economic growth.
"The tech rebound is ... absolutely huge because it's fueling all other kinds of industries," Pope-Handy said. "The normal businesses are fueled by an increase in population. It goes down to the micro level and just helps have more people employed everywhere."
—By CNBC's Cadie Thompson. Follow her on Twitter @CadieThompson.