NYC and San Francisco housing markets drop off the covid cliff: Property prices fall and rentals lie empty as pandemic restrictions wreck both cities and buyers head for the exits

New York City and San Francisco have seen housing prices fall and homes linger on the market for longer amid the COVID-19 pandemic as demand for rental properties in US cities has dropped nationally. Despite initial reports that city-dwellers were snatching up homes in the suburbs amid the pandemic, housing prices in urban areas have actually been keeping pace with suburban regions across the country, according to a data analysis by Zillow. The exception to that trend, however, is being seen in NYC and San Francisco – the nation’s two most expensive housing markets.  The analysis looked into whether the COVID-19 outbreak and subsequent explosion in people working from home had kicked off a boom in typically less-expensive suburban areas.

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  New York City and San Francisco have seen housing prices fall and homes linger on the market for longer amid COVID-19, according to a Zillow report 
• The number of houses on the market in NYC has surged 6.1 percent but buyer demand has not kept pace 
• San Francisco has seen an even bigger flood of new listings with homes for sale up 97 percent this month compared to last year 
• The data analysis by Zillow found that housing prices in cities have been keeping pace with suburban regions amid the pandemic
• New York and San Francisco, the two most expensive housing markets, are the exception to the trend   
• The analysis looked into whether the COVID-19 outbreak has kicked off a boom in typically less-expensive suburban areas 
• An economist said there was no widespread evidence that Americans were buying up properties in the suburbs in a bid to flee cities

By EMILY CRANE FOR DAILYMAIL.COM

New York City and San Francisco have seen housing prices fall and homes linger on the market for longer amid the COVID-19 pandemic as demand for rental properties in US cities has dropped nationally.

Despite initial reports that city-dwellers were snatching up homes in the suburbs amid the pandemic, housing prices in urban areas have actually been keeping pace with suburban regions across the country, according to a data analysis by Zillow.

The exception to that trend, however, is being seen in NYC and San Francisco – the nation’s two most expensive housing markets.  …...more here

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