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19 of 25 priciest housing markets in California

19 of 25 priciest housing markets in California

By Ron Trujillo/ron@calhomenews.com

Another week, another report detailing the high price of housing in California.

But 24/7 Wall St. took a bit of a different approach, and found some interesting results. For example, San Francisco did not top the most expensive list – nationwide or in California.

Now, 19 of the nation’s priciest 25 markets are in California, including three in the top five and six in the top 10. Kings County (Brooklyn) in New York was the least affordable market in the nation.

Santa Cruz County is the second most expensive market in the nation – and the priciest in California. Marin and San Luis Obispo counties were the second- and third-most expensive markets in the state (Nos. 3 and 5 nationwide).

San Francisco, Napa and Monterey counties finished fourth through sixth in the state, respectively.

Santa Cruz County topped the list in the Golden State based on a median monthly mortgage payment of $4,177 and an average monthly wage of $3,818. It’s one of the few counties in the nation where the average mortgage payment exceeds the average monthly income.

Check the complete list of the most expensive housing markets on 24/7 Wall St.

 

 

 

 

 

 

 

 

 

 

 

 

Show me the money

Cash is king, especially when making an offer to buy a home.

More than one of every five (22%) sales in the state was a cash purchases in August, according to industry tracker CoreLogic.

2 Comments

  1. Ed Samson

    Hey, I’m still unfamiliar with how the world works, so can someone explain to me how house prices can go up or down? Does it have to do with the surrounding commodities, or the neighborhood itself or something?

    Reply
    • Ron Trujillo

      Hello, Ed: It has to do with numerous factors, perhaps most critical the state of the economy, especially job and wage growth. The housing market recovery has definitely tracked the overall economic recovery. People want to feel stable about their jobs, and income. Currently, at least in much of California, the demand easily outpaces the supply, which has created a dramatic increase in home prices during the past few years. However, some areas of the state — such as the Central Valley and Northern California — prices have not gained as much as other areas, largely because of the regional economies. I hope this helps. And thank you for the comment and reading CalHomeNews.

      Reply

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