Housing market moving in the right direction in San Francisco and the United States
The latter half of the 2000s was fraught with negative housing statistics and decreasing sales. Homes for sale in the Bay Area experienced a crunch just like anywhere else, and the overall forecast for the region was very poor.
However, recent housing trends are showing that the national real estate market is improving as a whole, and San Francisco is leading the charge amongst metro areas in the United States. If you are thinking about relocating to a big city for any reason, now might be the time to purchase some property in the Bay Area.
Home sales and closings have been stronger than ever in the first half of 2012, and many industry experts are beginning to identify gains that have not been seen since the real estate bubble of the early 21st century.
"Revenues from home sales increased $40 million (11 percent) in the second quarter and $103 million (16 percent) in the first six months, due primarily to increases in units sold partially offset by slightly lower average prices," stated a regulatory filing by home manufacturer Berkshire Hathaway.
San Francisco is one of the most popular metro areas in the United States, and for good reason - homes here generally fetch asking prices higher than anywhere else. The Home Buying Institute reported that home closing prices in the Bay Area increased by 3.9 percent from April 2012 to May 2012. A separate monthly rise of 3.4 percent took place from March to April of the same year, which means a very large first-half uptick for the year.
So what exactly lies in store for the Bay Area? Experts are predicting that the San Francisco market has already bottomed out, and at this point, there is nowhere to go but up.
"We would like to think that housing is finding its equilibrium, that it is searching for a bottom and establishing a base," said Steven Jones, an investment manager at First Washington.
The rising employment market, quality of life and other living statistics are also contributing to the popularity of the San Francisco metro area, so those looking to relocate might want to check out the available listings quickly before property is snatched up. Due to the increasing market, a home in the Bay Area will likely appreciate in value as the years move on, making it a worthwhile investment.