VITAL SIGNS INDICATOR Home Prices (EC7)

FULL MEASURE NAME Home Prices

LAST UPDATED August 2019

DESCRIPTION Home prices refer to the cost of purchasing one’s own house or condominium. While a significant share of residents may choose to rent, home prices represent a primary driver of housing affordability in a given region, county or city.

DATA SOURCE Zillow Median Sale Price (1997-2018) http://www.zillow.com/research/data/

Bureau of Labor Statistics: Consumer Price Index All Urban Consumers Data Table (1997-2018; specific to each metro area) http://data.bls.gov

CONTACT INFORMATION vitalsigns.info@bayareametro.gov

METHODOLOGY NOTES (across all datasets for this indicator) Median housing price estimates for the region, counties, cities, and zip code come from analysis of individual home sales by Zillow. The median sale price is the price separating the higher half of the sales from the lower half. In other words, 50 percent of home sales are below or above the median value. Zillow defines all homes as single-family residential, condominium, and co-operative homes with a county record. Single-family residences are detached, which means the home is an individual structure with its own lot. Condominiums are units that you own in a multi-unit complex, such as an apartment building. Co-operative homes are slightly different from condominiums where the homeowners own shares in the corporation that owns the building, not the actual units themselves.

For metropolitan area comparison values, the Bay Area metro area’s median home sale price is the population-weighted average of the nine counties’ median home prices. Home sales prices are not reliably available for Houston, because Texas is a non-disclosure state. For more information on non-disclosure states, see: http://www.zillow.com/blog/chronicles-of-data-collection-ii-non-disclosure-states-3783/

Inflation-adjusted data are presented to illustrate how home prices have grown relative to overall price increases; that said, the use of the Consumer Price Index does create some challenges given the fact that housing represents a major chunk of consumer goods bundle used to calculate CPI. This reflects a methodological tradeoff between precision and accuracy and is a common concern when working with any commodity that is a major component of CPI itself.

The median house price in 94027, Atherton, California, was about 8.3 million U.S. dollars. This made it the most expensive zip code in the United States in 2023. 11962 Sagaponack, N.Y., was the runner-up with a median house price of about 8.1 million U.S. dollars. Of the 10 most expensive zip codes in the United States in 2026, six were in California.

The median home sales price is the middle value of the prices for which homes are sold (both market and private transactions) within a calendar year. The median value is used as opposed to the average so that both extremely high and extremely low prices do not distort the prices for which homes are sold. This measure does not take into account the assessed value of a property.Source: First American Real Estate Solutions (FARES) and RBIntel Years Available: 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2022

As compared to the previous year, the median price for home sales in Manhattan, New York decreased in the first quarter of 2023. In that quarter, the home price reached the median of 3.85 million U.S. dollars, down from 4.7 million U.S. dollars the year before. In other New York boroughs, such as Brooklyn, and Queens, and Bronx, the median home prices followed the opposite trend.

Graph and download economic data for Zillow Home Value Index (ZHVI) for All Homes Including Single-Family Residences, Condos, and CO-OPs in the United States of America (USAUCSFRCONDOSMSAMID) from Jan 2000 to Jan 2025 about 1-unit structures, family, residential, housing, indexes, and USA.

Graph and download economic data for Housing Inventory: Median Listing Price in Los Angeles County, CA (MEDLISPRI6037) from Jul 2016 to Dec 2024 about Los Angeles County, CA; Los Angeles; CA; listing; median; price; and USA.

House Price Index YoY in the United States remained unchanged at 4.80 percent in January. This dataset includes a chart with historical data for the United States FHFA House Price Index YoY.

The median home sales price is the middle value of the prices for which homes are sold (both market and private transactions) within a calendar year. The median value is used as opposed to the average so that both extremely high and extremely low prices do not distort the prices for which homes are sold. This measure does not take into account the assessed value of a property. Source: First American Real Estate Solutions (FARES) and RBIntel Years Available: 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2022

As of December 2024, Sydney had the highest median residential property value compared to other capital cities in Australia with an average dwelling value of around 1.19 million Australian dollars. Brisbane followed with a median residential dwelling value of around 890,750 Australian dollars.

In October 2024, the median sales price of an existing single-family home in Del Norte, California saw an increase of nearly 30 percent, compared to the 5.8 percent increase in the state. 20 counties saw prices fall during this period. In Trinity, the median sales price of single-family homes decreased by approximately 36 percent.

Paris, Lyon, and Bordeaux are the most expensive cities for residential real estate in France. In Paris, the average square meter price of an apartment was over 9,000 euros in October 2024, while the price for a house was even higher. Apartment prices in Paris went as high as 15,000 euros, depending on the arrondissement.

This dataset provides values for AVERAGE HOUSE PRICES reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

The UK housing market continued to show significant regional variations in 2024, with London maintaining its position as the most expensive city for homebuyers. The average house price in the capital stood at 519,579 British pounds in October, nearly double the national average of 292,059 British pounds. However, the market dynamics are shifting, with London experiencing only a modest 0.2 percent annual increase, while other cities like Newcastle upon Tyne and Belfast saw more substantial growth of 8.8 percent and 6.8 percent respectively. Affordability challenges and market slowdown Despite the continued price growth in many cities, the UK housing market is facing headwinds. The affordability of mortgage repayments has become the biggest barrier to property purchases, with the majority of the respondents in a recent survey citing it as their main challenge. Moreover, a rising share of Brits have reported affordability as a challenge since 2021, reflecting the impact of rising house prices and higher mortgage rates. The market slowdown is evident in the declining housing transaction volumes, which have plummeted since 2021. European context The stark price differences are mirrored in the broader European context. While London boasts some of the highest property prices among European cities, a comparison of the average transaction price for new homes in different European countries shows a different picture. In 2023, the highest prices were found in Austria, Germany, and France.

Geneva, Switzerland, was the most expensive city to buy an apartment in Europe in the first quarter of 2024. The square meter price in Geneva was nearly 15,650 euros in that quarter, about 2,000 euros higher than the second city in the ranking, Zurich. Cost of rent Rents across the major cities in Europe increased significantly in 2023. One of the main factors driving high rents across European cities is the same as any other consumer-driven business. If demand outweighs supply, prices will inflate. The drive for high paid professionals to be located centrally in prime locations, mixed with the low levels of available space, high land, and construction costs, all help keep rental prices increasing. Mortgage rates The average mortgage interest rates across Europe in 2023 were all under five percent, except in Czechia, Romania, Hungary, and Poland. On an individual level, a difference of one percent would most likely mean thousands of euros in interest on the mortgage a person is paying, making timing key in house purchasing. Mortgage interest rates tend to be lower in Nordic countries due to the financial stability and reliability of its borrowers. Other factors that influence the mortgage interest rates include inflation, economic growth, monetary policies, the bond market and the overall conditions of the housing market. More stable markets also tend to have higher average prices.

Key information about House Prices Growth

• Japan house prices grew 4.3% YoY in Nov 2024, following an increase of 2.0% YoY in the previous month.
• YoY growth data is updated monthly, available from Apr 2009 to Nov 2024, with an average growth rate of 1.9%.
• House price data reached an all-time high of 10.2% in Apr 2022 and a record low of -9.4% in Apr 2009.

CEIC calculates House Prices Growth from monthly Residential Property Price Index. The Ministry of Land, Infrastructure, Transport and Tourism provides Residential Property Price Index with base 2010=100.

Key information about House Prices Growth

• Australia house prices grew 6.6% YoY in Sep 2024, following an increase of 6.7% YoY in the previous quarter.
• YoY growth data is updated quarterly, available from Sep 2004 to Sep 2024, with an average growth rate of 6.0%.
• House price data reached an all-time high of 24.1% in Dec 2021 and a record low of -6.1% in Mar 2019.

CEIC calculates quarterly House Price Index Growth from quarterly Residential Dwellings: Mean Price of Eight Capital Cities. The Australian Bureau of Statistics provides Residential Dwellings: Mean Price of Eight Capital Cities in local currency. House Price Index Growth prior to Q3 2012 is calculated from Residential Property Price Index: Weighted Average of Eight Capital Cities.

Average House Prices in Canada decreased to 712400 CAD in February from 718500 CAD in January of 2025. This dataset includes a chart with historical data for Canada Average House Prices.

Graph and download economic data for Housing Inventory: Median Listing Price in Kansas City, MO-KS (CBSA) (MEDLISPRI28140) from Jul 2016 to Feb 2025 about Kansas City, KS, MO, listing, median, price, and USA.

In October 2024, the median sales price of an existing single-family home in San Mateo, California was two million U.S. dollars. This was more than double the median sales price in the state of California. The most affordable county was Trinity, where an existing single family home sold for approximately 205,000 U.S. dollars.

Poland House Prices: per Square Meter: Primary Market: Transaction: 7 Cities data was reported at 14,264.650 PLN in Dec 2024. This records an increase from the previous number of 14,060.779 PLN for Sep 2024. Poland House Prices: per Square Meter: Primary Market: Transaction: 7 Cities data is updated quarterly, averaging 6,809.243 PLN from Sep 2006 (Median) to Dec 2024, with 74 observations. The data reached an all-time high of 14,264.650 PLN in Dec 2024 and a record low of 3,590.503 PLN in Sep 2006. Poland House Prices: per Square Meter: Primary Market: Transaction: 7 Cities data remains active status in CEIC and is reported by Narodowy Bank Polski. The data is categorized under Global Database’s Poland – Table PL.EB008: House Price.