San Francisco's housing market is presenting two contrasting narratives in 2024. While home prices remain subdued, hovering around $1.26 million, rents are nearing their pre-pandemic highs. This divergence occurs as the city grapples with meeting its state-mandated housing targets. The average home price in San Francisco represents a 15% decline from its peak in mid-2022, according to Zillow data. This price stagnation contrasts sharply with trends in neighboring Bay Area counties and major U.
S. cities, where prices have largely recovered from the 2022-2023 downturn. Elevated home-mortgage interest rates, which reached generational highs in 2022 and remain relatively high despite recent declines, are a contributing factor to the slump. This is particularly evident in market sales activity, even as prices across the region have returned to pre-downturn levels. Overall Bay Area home sales volume in 2024, although slightly above the recent 2023 low, is more than 40% below 2021 levels. In San Francisco, home sales have increased by about 10% year-to-date compared to 2023, according to Redfin data. However, this year's average monthly home sales, around 390, represent only two-thirds of 2021's monthly average of approximately 630. Sales that year peaked in June at 795. The depressed sales volume may help explain the flat home prices in San Francisco, while its neighbors have witnessed price recovery more in line with the national trend. Alameda County and Marin County are within 5% of their peak prices. San Jose, already known for its high housing costs, has defied the trend entirely, with home prices setting new records in recent months
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