The Pricey California Market? In 2021, It Got Pricier.

[Zorro]

Home prices in the state far outpaced the national average, with outlying suburbs and smaller metro areas seeing the most significant increases.

The real estate market in California mostly mirrored the national trends in 2021, with home prices increasing by double digits in the more affordable, outlying suburbs and in smaller metro areas like Riverside and Sacramento. In urban markets like San Francisco, the increases were more modest — at least by 2021 standards.

As for home prices overall, they far outpaced the national median price. In October, the median sale price of a single-family home in California was $798,440, up 12.3 percent from the year before, according to information from the California Department of Finance — more than twice the national median sale price of $353,900 reported in November by the National Association of Realtors.

Jeff Tucker, a senior economist with Zillow, said the Bay Area’s housing market was one of the state’s coolest in 2021, with home values rising sharply but at a lower rate than statewide values. By Zillow’s calculations, he said, the city of San Francisco saw the “typical” home value increase by 9.3 percent, to $1.53 million, from November 2020 to November 2021, compared with a statewide increase of 20 percent.

“But it’s like a fractal,” he said. “You zoom in and the pattern reasserts itself,” with the national trend of more affordable outlying areas seeing the most significant price growth.

https://www.nytimes.com/2021/12/31/realestate/the-pricey-california-market-in-2021-it-got-pricier.html?unlocked_article_code=AAAAAAAAAAAAAAAACEIPuonUktbfqohlSlUYAibPUNEjowaajOTCh6A8izrmNimeRCcHxO0RAoaH4UHMbO9mbsEw0ijeRdkEaud1Hblz0qpQOFAoUxOpqZqJgtIFPyAx48qVb18B4qjsD_o-4CO4KS6wMvt-z7my-E6KaWTtW6bVzXx3Iwt6pZs0dEX6jiAN2qfAEeQh2tB7260iAYtoBmtVPFn8tPnoCxx9OtuHf0ucvlFwA7cFLGmVyd2M6LsAcxFQCUbETx585WU94dBfPrAHLfq1bk5gKIel3-JnWiE_J5ypBpYxW4HXi71u1LbKohaGw8KzrO4kGAAP3K6nmL9ToCYrar35AQ&smid=url-share