2007-12-15 13:25:24 · 3 answers · asked by Wyatt L 1 in Business & Finance ➔ Renting & Real Estate
The median home price actually went up - however, it is like an optical illusion. The reason is not because home values went up - the reason why is that only higher priced homes were moving (and therefor the "middle" valued home is higher than 2006). The middle class homes are almost at a standstill, and in some areas, values are dropping and have already dropped 20% or more.
Two values to keep an eye on - Days on Market (DOM), and the CLOSING amounts (on occasion, Realtors will use contract amounts as comparable sales values - however, many contracts are falling through as people are having a harder time getting financing - especially as the Jumbo Loan Departments are getting downsized.
Don't believe me - try to sell your home!
2007-12-15 14:54:03 · answer #1 · answered by Christopher B 6 · 0⤊ 0⤋
The Bay Area was not affected by the general slowdown in the market. The primary reason is the limited amount of land for expansion. This keeps the supply low and prices high. If prices in the SF area start to tank, get worried about the economy in general.
2007-12-15 21:45:39 · answer #2 · answered by Bostonian In MO 7 · 1⤊ 0⤋
Selling prices in SF realty remained at least 100% of listing prices, sometimes higher.
2007-12-15 21:35:19 · answer #3 · answered by Anonymous · 1⤊ 0⤋