Posted 4/12/2024, 6:09:00 PM
Soaring Home Prices Lock Out Buyers in California's Big Coastal Cities
- Home prices in coastal California cities like San Francisco, San Jose, and Los Angeles are increasing rapidly, with monthly appreciation over 2%.
- These cities have average home values over $900k and limited housing inventory due to low mortgage rates locking in existing homeowners.
- Southern metros like Tampa and Jacksonville have slower home price growth because more new construction increases housing supply.
- San Francisco, San Jose, and Los Angeles also have very high annual price increases compared to other cities.
- Building more housing helps control rising costs, but California has failed to address supply deficiencies for decades.
