7 ms·
Housing Prices Fall in the West While the East Booms
- toomanyrichies 4y agohttps://archive.ph/Up5RM https://archive.ph/Up5RM
- paxys 4y agoIf you look at the data in context of how much these west coast housing markets soared over the last decade+, the current situation comes off as a very minor correction.
- yalogin 4y agoI can see some folks jumping in as they wanted to time the market hoping the bottom is reached. However a 10-12% increase is weird. The west is probably just directly dependent on the tech market which is down right now. Does it mean the East is representing the rest of the economy or non tech? Or may be I am trying to read too much into this.
- hifromLA 4y agoI buy the tech theory, because all the west coast cities with major drops are tech cities. I don’t think they’ll collapse because they’re otherwise desirable, but a correction was overdue. A lot of the East coast cities with big rises especially in Florida are starting from a lower price point so they have more room to go up.
- lotsofpulp 4y agoYes, land prices in the west are higher, so they have more room to go lower. But they are still far more than other regions. See the percentile graph of house prices by region in this article from a few days ago: https://www.wsj.com/articles/home-prices-fell-in-february-for-first-time-in-11-years-73df0107 https://www.wsj.com/articles/home-prices-fell-in-february-fo... The west gets into the $750k+ range before the other regions even enter the $500k to $750k range.
- ianai 4y agoThe Case Schiller index comes out today. That’ll be interesting - though the RE market has much further to go.