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Oakland Housing Price Increases Among the Top in the Nation

Rents rose faster in San Francisco than in nearly any other American city last year, but they grew even faster in nearby Oakland, which was one of only two cities to top San Francisco. A new report from real estate website Trulia examines both rent and home price growth in the nation's major metropolitan areas and puts Oakland ahead of San Francisco for growth rates in both categories. Oakland rents went up 12.1 percent between January 2014 and January 2015, behind only Denver, while San Francisco saw an 11.6 percent rent hike. When Trulia checked on rent increases back in August, San Francisco had gone up 14.5 percent over 12 months and Oakland had risen 14.4 percent, so growth in rents at least seems to be slowing a tad.

Although home prices in San Francisco have been soaring, the city has already largely recovered from the burst of the last housing bubble. Now, other cities are seeing significant home price growth that accompanies job growth, and San Francisco's 8.3 percent rise in asking prices between January 2014 and January 2015 wasn't even among the top 40 growth rates, landing at 42nd. Oakland, on the other hand, saw a 13.8 percent rise in asking prices over the past year, placing it at number four on the national list.

Trulia noted a high correlation between year on year job growth in cities and increases in asking prices and rent prices. Oakland's job growth rate of 2.7 percent fell below San Francisco's 4.5 percent figure, but with prices through the roof in San Francisco, Oakland is undoubtedly experiencing a spillover effect from those searching for still-affordable places to live.

For its report, Trulia used a methodology that adjusts for a changing mix of listed homes each month to reflect asking prices and asking rents for similar homes in similar neighborhoods over time. Its Price Monitor, which looks at asking prices, also reflects seasonal fluctuations in asking prices.

· For Home Prices, the Rebound Effect is Over. Long Live Job Growth [Trulia]
· Yikes, Bay Area Rents Are Up Almost 15 Percent Since Last Year [Curbed SF]
· Bonkers SF Housing Market Downshifts to Semi-Bonkers [Curbed SF]

Trulia, Inc

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