The housing market is so local that the price-growth gap between Miami and San Francisco is near a 30-year high

The housing market is so local that the price-growth gap between Miami and San Francisco is near a 30-year high

  • Phil Rosen
  • 06/7/23
  • Real estate trends have become more and more local over the last year, a Redfin report showed.
  • San Francisco home prices are down 10.1% compared to last year, while Miami prices are up 10.9% 
  • The Bay Area is still more expensive, with San Francisco's median sale price 2.9 times higher than Miami's.

Are home prices falling or rising in the US right now? 

More than ever, it depends where you look. Real estate trends have become more local in the last year than they have since 2009, according to a Redfin analysis.

The difference between homes in Miami versus those in San Francisco illustrate the point, as homebuyers flock to Florida while California loses them.

Prices in Miami are up 10.9% year over year, close to a record high, while prices in San Francisco are down 10.1%. 

That 21-percentage-point disparity in price growth is close to the largest in over three decades, approaching the 23-point difference in August 2022, per Redfin and Case-Shiller Home Price data going back to 1988.




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