AgentMarkets & Economy

Situation for Bay Area homebuyers better than home renters

Quarter-over-quarter price appreciation has slowed in the San Francisco metro
  • Year-over-year and quarter-to-quarter price appreciation stats tell different stories in the Bay Area
  • The average rent for a single-family home is more than $3,600 in the city of San Francisco
  • San Francisco's luxury home sector has entered into "buyer's territory"

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

The San Francisco-Oakland-Hayward metro recently experienced a 7.4 percent year-over-year increase in existing home prices; however, things are still looking better for homebuyers when compared to single-family renters. According to a market-by-market breakdown from Homes.com, the price of existing homes in the metro fluctuated by only 0.15 percent on a recent quarter-over-quarter basis. With the market said to be 88.5 percent recovered, nation-leading, year-over-year price growth may be a thing of the past, especially as the metro enters the historically slow holiday season. Growing inventory and slowing price growth in the San Francisco luxury market influenced Paragon Real Estate Group to recently dub the sector as having moved into "buyer's market" territory. Despite the overall median sales price for homes and condos reaching $1.2 million in October, renting a home in the city of San Francisco remains more financially difficult. "The ongoing monthly cost of ho...