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San Francisco's Housing Market Faces Challenges Amidst Overall Strength

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San Francisco,Housing Market,Prices

In parts of San Francisco, the housing market is in dire straits. Prices have risen by 3% from a trough reached earlier this year. Property in swankier parts of town fetches well above asking price. Figures suggest that global house prices rose by 1.3% between the first and second quarters of 2023.

In parts of San Francisco, the housing market is in dire straits. Consider the example of one swish apartment close to City Hall, with quartz countertops and a rooftop deck, which in 2019 sold for $1.25m. Not today. After the chaos of the covid-19 pandemic, City Hall now overlooks the locus of the city’s drug problems. Biblical scenes of lawlessness and human suffering play out every night. The flat is now listed for $769,000—and is yet to sell.

Away from its troubled districts, though, San Francisco’s housing market is once again robust. Prices have risen by 3% from a trough reached earlier this year. Property in swankier parts of town fetches well above asking price. In nearby San Jose, in Silicon Valley, house prices are up by 8% from the trough. The story is similar across the rich world: pockets of weakness, but surprising overall strength. Figures from the Dallas branch of the Federal Reserve suggest that global house prices rose by 1.3% between the first and second quarters of 2023. Estimates for more recent months point to a further rise (see chart

 

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