Thursday, July 21, 2005

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…

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