Maybe you thought it couldn’t get any worse — that housing prices would finally cool off in 2018 after years of record-breaking appreciation.
Think again. A new report from Zillow projects that the San Jose metropolitan area will be the hottest housing market in the nation in 2018, with home values rising dramatically: another 8.9 percent on a year-over-year basis. The San Francisco metropolitan area, which includes the East Bay, will be the fifth hottest market with a 3.8 percent increase in home values, according to Zillow’s new report.
In the San Jose metro area, which includes Santa Clara and San Benito counties, the median rent is $3,514 and is predicted to fall 0.5 percent year-over-year. The area’s unemployment rate is 3.5 percent, while income growth is 7.9 percent and the number of job openings per person is 0.036, the highest on the list.
In the San Francisco metro, Zillow said, the median rent is $3,413 and will slip 0.2 percent year-over-year. The unemployment rate, as in San Jose, is 3.5 percent. Income growth is even stronger — 9.2 percent — and there are 0.029 job openings per person.
I participated on that joke some realtor used to make of the buying process. He would literally make us to bid on that house. Sold for $325K. It may be in the $1M right now.