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San Francisco home prices rise as Seattle market cools amid tech swings
San Francisco’s median home-sale price climbed 6% year over year in July to $1.6 million, while Seattle’s fell 4% to $809,000.
San Francisco’s housing market is strengthening while Seattle’s continues to soften, according to Redfin News, with the two tech hubs moving in opposite directions as local employment and household wealth shift. The outlet links San Francisco’s rebound to AI-driven income concentrated in the city, while it points to ongoing tech jitters for Seattle’s weaker demand.
Redfin News reports that San Francisco’s median home-sale price jumped 6% year over year in July to $1.6 million, making it the priciest metro area in the U.S. The outlet also says San Francisco’s median home price is now $1 million higher than at its Great Recession bottom.
In Seattle, Redfin News says the median sale price declined 4% to $809,000, and that Seattle saw the second-biggest home price drop among the 50 most populous U.S. metros. Redfin adds that Seattle’s inventory rose 17% year over year, the biggest increase among those metros.
Sales and market conditions are also diverging, with Redfin News reporting that San Francisco home sales rose 9% from a year earlier, while Seattle home sales fell 9%. The outlet says the typical home sold in San Francisco in 20 days, versus 24 days in Seattle, and notes that San Francisco’s market is balanced while Seattle is a major buyer’s market.