MARKET SPOTLIGHT: WESTERN HOT SPOTS
SAN JOSE-SUNNYVALE-SANTA CLARA, CA HISTORIC HOME SALES
LOS ANGELES-LONG BEACH-ANAHEIM, CA HISTORIC HOME SALES
MEDIAN SALES PRICE
YEAR-OVER-YEAR HOME PRICE APPRECIATION
MEDIAN SALES PRICE
YEAR-OVER-YEAR HOME PRICE APPRECIATION
$1,400,000
$700,000
40% 35%
30%
25%
$1,200,000
$600,000
30%
20%
$1,000,000
25% 20% 15% 10%
$500,000
15%
$800,000
$400,000
10%
$600,000
$300,000
5%
5%
$400,000
$200,000
0%
0%
$200,000
-5% -10%
$100,000
-5%
$-
-10%
$-
What declines he has seen are at the micro-neighborhood level, according to Riseman. Still, there are many areas that are doing well and some areas undergoing gentrifica- tion. So as always, market trends are location-specific. But even with a calming down of the market, Riseman said there is plenty of demand for housing in the Bay Area coming from high-paid professionals in technology and other sectors.
IN THE SOUTH:
In the San Diego metro area, un- employment was down to 3.2 percent in November and the year-over-year median sales price came in at 0.9 percent for the same month, the lowest increase seen since 2012.
Like their neighbors to the north, the Los Angeles and San Diego metro areas in Southern California have many high-priced neighborhoods. And similarly when the Great Recession hit, a number of those suburbs took the brunt of the downturn as the region survived yet another wild roller coaster of a real estate cycle. The Los Angeles metro area (which includes Orange County) saw its unemployment rate rise slightly in November 2018 to 4.2 percent. The year-over- year rise in median sales price was also down to 4.5 percent, one of its lowest yearly increases since it hit bottom back in April 2012.
SAN DIEGO-CARLSBAD, CA HISTORIC HOME SALES
MEDIAN SALES PRICE
YEAR-OVER-YEAR HOME PRICE APPRECIATION
30%
$700,000
25%
$600,000
$500,000
20%
15%
$400,000
10%
$300,000
$200,000
5%
$100,000
0%
-5%
$-
28 think realty housing news report
march 2019 29
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