4 Bay Area cities rank low, 3 SoCal rank high – Daily News

on Dec24
by | Comments Off on 4 Bay Area cities rank low, 3 SoCal rank high – Daily News |

Talk about a north-south divide.

Four Bay Area cities got ranked among the weakest real estate markets in the nation. Three Southern California markets were among the strongest in the same study.

A new report from housing website RealtyHop investigated the strength of the 100 largest housing markets across the nation. Researchers analyzed over 300,000 real estate listings on RealtyHop to identify the market health of each city based on the median change in asking prices.

San Francisco was the fourth coldest housing market in the country in December. The average listing required a drop of 5.6% in order to be taken off of the market. Despite this, the city by the bay continues to be the most expensive housing market in the United States.

“The Bay Area housing market seems to be going through a correction period,” says analyst Shane Lee. “It is no news that the Bay Area is one of the most expensive housing markets in the nation with a median home price of $1.4 million in San Francisco, $725,000 in Oakland, and $849,000 in San Jose. In fact, the Bay Area housing market is one of the least affordable markets in the U.S. A home buyer making median income would have to spend over 60 percent of income on the home. The truth is, not everyone makes over $150k each year, and at some point, the home prices would reach a ceiling, which seems to be what the Bay Area is experiencing.”

Next up near the bottom of the barrel was Oakland, sixth-worst. The East Bay city saw a median price slump of 5%. Fremont came in 13th worst, with a median price slide of 3.9%. San Jose was 17th worst with a  3.7% dip.

Southern California scored well, by this metric.

Anaheim was ranked the nation’s eighth-best market with just 2% price cuts. Riverside was No. 13 with prices off 2.1% while Irvine was No. 21 at 2.2% decreases.

Hottest market in the country? Gilbert, Ariz., down 1.5%. Coldest? Detroit, down 8.3%.

Previous postJudge Denies LA County’s Attempt to Stall Wrongful Arrest Lawsuit Related to Rolling Hills Killing – NBC Los Angeles Next postBurglars Smash Jewelry Case at Montebello Mall, Spark Fears of Shooting – NBC Los Angeles

Los Angeles Financial times

Copyright © 2022 Los Angeles Financial times

Updates via RSS
or Email