Foreign Property News | Posted by Shwe Zin Win
The Golden City is losing its shine.
Housing prices in San Francisco have plunged to pre-pandemic levels amid widespread layoffs in the tech sector, SFGATE reports.
Despite still being one of the more expensive metropolitan areas in the US, prices for condominiums and co-ops in the city were down 14.7% from May 2022 and now average $986,000.
Those prices have not been seen since 2015, according to Zillow data analyzed by Wolf Street.
(The price of San Francisco homes, condos and co-ops have fallen to pre-pandemic levels. gdvcom – stock.adobe.com)
(SFGATE and Wolf Street reported that the prices of single family homes have hit 2019 levels in San Francisco.Aaron – stock.adobe.com)
Single-family homes are down 15.4% from their peak in 2022, now at an average of $1.39 million, according to data provided to SFGATE by a Zillow representative.
According to the outlet, condo prices doubled between 2012 and 2022, but have now declined by 30% in the past two years.
The Millennium Tower, notorious for being the leaning tower of San Francisco, saw a 44% decrease in price per unit.
In September, SFGATE reports, one condo sold for $615,000. A decade prior, it sold for $1.1 million.
(The outlets also reported that the price decreases coincide with layoffs in the city.Sundry Photography – stock.adobe.com)
The decrease in housing costs coincides with widespread tech layoffs, according to Wolf Street, which reported that the “Information” industry saw a 20% decrease in its workforce over more than two years since its peak.
In the “Professional, Scientific, and Technical Services” industry, there was a 7% decrease in employees compared to June 2022.
According to SFGATE, there were 10,200 permanent layoffs filed in the city during 2023.
Ref: San Francisco house prices plunge amid widespread tech layoffs Photo Credit- Sundry Photography-stock.adobe.com, Aaron- stock.adobe.com, gdvcom-stock.adobe.com
