2 New Studies Show Shrinking Supply of Affordable Bay Area Homes


SAN FRANCISCO (CBS SF) — Two research launched Friday present the variety of houses on the market within the San Francisco Bay Space for half one million dollars or much less is falling, based on the research by CoreLogic and Metrostudy.

CoreLogic analysis analyst Andrew LePage stated that the variety of offers final month for lower than $500,0000 dropped 28 % in a yr and the variety of offers for much less $300,000 plummeted forty one.5 %.

A report by Metrostudy exhibits that solely 12 % of latest houses are priced beneath $500,000 as a result of costs in suburbs are rising.

“Many first-time consumers face a frightening problem in one of many nation’s priciest housing markets,” LePage stated in a press release.

Greg Gross, Metrostudy regional director for Northern California, stated in a press release, “The story on this market continues to be affordability.”

Final month, the median worth for brand spanking new and used houses within the Bay Space was $739,000, down from $740,000 in August 2017.

The median worth final month is up thirteen.7 % from $650,000 a yr in the past as consumers purchased in areas with greater-priced houses, based on LePage.

The all-time excessive median worth is $775,000 set in June of this yr.

Final month’s gross sales of latest and used houses dropped 7.5 % from 7,934 to 7,338 in a yr. Final month’s gross sales have been additionally eleven.7 % decrease than the historic common for September.

Historic knowledge for the report begin in 1988.

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