Despite signs of stabilization, SJ housing still grossly overpriced

It’s nothing new: San Joseans repeatedly cite housing costs as an impediment to staying in the Bay, which boasts the United States’ priciest homes. According to San Jose Inside, SJ’s housing market appears to be flattening out, with total Bay home sales having decreased from last year. However, the area still struggles to provide affordable housing offerings. Barry Holtzclaw reports.

The Bay Area housing market, continuing a trend of recent years, is the most expensive place in the U.S. to buy a home, according to real estate experts who track home sales.

For a region that registered record sale prices in 2021, with nearly a 12% growth in median home sale prices, the Bay Area market is beginning to level out this year, reports Norada Real Estate Investments, a Southern California firm that studies nationwide real estate trends.

Sale prices in some counties in 2022 are increasing at half the rate of a year ago, and total home sales in the Bay Area in May were 11.5 percent lower than last year. Similar trends were reported in the rest of California and across the U.S….

In Property Shark’s most recent annual list of the 100 priciest ZIP codes in the U.S., for 2021, 35 of the top 50 ZIPs were in California, and 17 of these were in the Bay Area. Seven of the most unaffordable ZIPs were in Santa Clara County, led by two in Los Altos, with median home sale prices in the $3.9-$4 million range.

The median sales price for all counties in the Bay Area was approximately $1.5 million, topping $1 million for the 15th month in a row, Norada reported.

This article originally appeared in San Jose Inside. Read the whole thing here.

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