No one wants to look at actual data to confirm the claim in the headline?
https://fred.stlouisfed.org/series/SFXRSA
Nothing like that claim appears to be true.
https://fred.stlouisfed.org/series/SFXRSA
Nothing like that claim appears to be true.
https://wolfstreet.com/2024/09/02/why-well-replace-the-case-...
In SF (and the Bay in general), a lot of listings are handled locally via local RE agents or family offices and do not show up on Zillow (most notably in Chinese heavy neighborhoods like Sunset as well as the more old money Nov Hill+Richmond+Pac Heights areas).
And finally, based on the information provided by this blog, it just doesn't seem like a credible source. A blog dedicated on writing about the "Housing Crisis 2.0" on a near daily basis is not a great source.
Personally, as someone who is in the process of buying, inventory is low and prices are still fairly high (when factoring interest rates) because most buyers were able to buy up or refi during the near-0 interest rate days, and will not budge for that reason.
> The ZHVI is based on millions of data points in its Database of All Homes, including historical transaction prices of closed sales from public records (tax data), MLS, brokerages, real-estate agents, and individual households across the country for properties. It includes pricing data on off-market deals and for-sale-by-owner deals. The Database of All Homes also has all sales pairs.
Also, realtors in the Bay Area now recommend underpricing in order to spark a bidding war due to information asymmetry (buyers know the price is low but so is inventory so you need to give a significantly higher bid to lock in) - Mercury News is going to release an in-depth investigation about this in the next 1-2 months btw.
I sold my bay area house in 2018 and this was common then too. Sold for 17% above asking, but IIRC, we were expecting 10% over. A bit of a change from when I bought it in 2009 from a bank at $900 under the listing price. Fwiw, the zillow estimate is up about 33% from the sales price. Their listed comps are from nicer neighborhoods though.