SEATTLE–In a newest Zillow Home Price Expectations Survey, one third of the experts surveyed said they believe San Francisco’s housing market has reached bubble status, with another 20% of those surveyed saying they believe the market is at-risk for bubble conditions within the next year.
Those surveyed said they believe several other markets are also getting overheated, although there was strong disagreement among many of those polled.
“A handful of markets – especially the Bay Area – are very hot right now, and it’s possible home values may actually begin to fall somewhat in these places as more residents are priced out amidst rising affordability concerns, especially when interest rates rise,” said Zillow Chief Economist Dr. Svenja Gudell in a released statement. “Whether those local conditions constitute a ‘bubble’ is up for debate, even among economists.
Some of those surveyed expressed concerns over risks of housing markets in Miami, Los Angeles, Houston, San Diego, Seattle and Boston.