The housing market in San Jose, CA is experiencing a mini crash in 2019. Economists and other real estate experts surveyed by Zillow on their 2020 outlook for 25 of the largest housing markets expect the Bay Area to have the worst housing market in the country. Latest on Bay Area Housing Market: Sale Prices Jump, Rents Fall During Pandemic By Scott Budman • Published August 3, 2020 • Updated on August 4, 2020 at 11:21 am NBC Universal, Inc. Just when you thought the Bay Area housing market might never cool, there's a new report from Realtor.com that says that's exactly what could happen in 2020, here and across the country. Home prices in and around the city have dropped over the past year. California Association of Realtors in its June housing sales report said Realtors were feeling optimistic but a lack of supply is impeding the California real estate market recovery.. The Housing Market Report provides quarterly data on the rental and ownership housing market in San José and Santa Clara County. Forecasters predict that prices in San Jose will continue to fall into 2020. In the greater Los Angeles region, single detached homes rose $22,000 to a new price of $553,000.. San Francisco Bay Area, home prices jumped $35,000 or 3.6% over last month to a new average price of $1 million. Summary: In this article, we’ll share our top housing market predictions for 2020 and 2021, including a full COVID-19 update.Topics also include home sales, demand and inventory, job loss, tenants paying rent, the economy, mortgage defaults as moratoriums end, the declining value of the dollar, more renters than owners, political climate, tariffs and more. Trends tracked in the report include median sale prices of homes, average rental rates, interest rates, and foreclosures.
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