California Housing Market Healthiest in the USA
In an annual list compiled by the real estate website Zillow, the California housing market is currently the healthiest US housing market.
Within the 30 largest metro markets in the US, 4 out of the top 5 healthiest markets were in California. This list, which evaluates markets on a 0 to 10 scale, shows San Jose as the healthiest housing market in America with a 9 on the market health index. Other top markets included San Francisco with an 8.9, Los Angeles with an 8.6, and San Diego with an 8.4. Rounding out the top 5 was Denver, Colorado, earning an 8.1.
This market health distinction takes into account several factors. A few of these factors include home values, days on market, and foreclosures. And, while this current healthy market certainly has its perks, some worry that the continuing appreciation in values will lessen affordability in the months and years to come. Also, the lack of supply is driving prices up in the current marketplace. This trend could slow as mortgage rates continue to rise.
Overall, the current healthy California housing market is a good thing, and until you see affordability dip with supply – happy hunting!
Find out where your market stands on the list of most affordable US markets, and be sure to let us know your thoughts in the comment section below.
How do you feel about the current housing market in your area? Are you seeing similar healthy market indicators? We'd love to know!
Photo Courtesy of David Sawyer’s Flickr