Rents are Out of Whack with Condo Prices in SF
Rents are also out of whack in this area.
“Still, the data give some insight into a housing market that has puzzled some experts.
While rents have stagnated or risen only slightly, the median price for a single-family home in the Bay Area vaulted 18 percent in June from the same month last year, hitting $644,000, research firm DataQuick said this week. The company also said the typical mortgage payment for Bay Area buyers in June was $2,651.
Ed Leamer, an economist at UCLA's Anderson Forecast, has illustrated the discrepancy between rents and median sale prices by calculating a price/earnings ratio for real estate.”
Continue…
“Still, the data give some insight into a housing market that has puzzled some experts.
While rents have stagnated or risen only slightly, the median price for a single-family home in the Bay Area vaulted 18 percent in June from the same month last year, hitting $644,000, research firm DataQuick said this week. The company also said the typical mortgage payment for Bay Area buyers in June was $2,651.
Ed Leamer, an economist at UCLA's Anderson Forecast, has illustrated the discrepancy between rents and median sale prices by calculating a price/earnings ratio for real estate.”
Continue…
posted by Little_Silvered at 6:58 PM
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