San Jose's housing crisis is the worst of any major U.S. city due to its limited supply of homes.
housing crisis is the worst of any major U.S. city due to its limited supply of homes.
Experts say the patterns of skyrocketing prices and limited supply are the result of ongoing housing shortages throughout the Bay Area. Still, homes were on the market for an average of 13 days in June and sellers are closing on deals at an average of 5.6 percent over asking price. The city has thousands of vacant unlisted homes, leaving potential buyers locked out and enduring a competitive rental market.
"There is a scarcity of available inventory," Faria told San Jose Spotlight. "For a homebuyer trying to purchase a property in the region, competition is fierce. However, if the buyer is pre-approved, they can put a competitive offer in. " Material costs, which make up 71 percent of where funds go alongside equipment and worker wages, increased over the COVID-19 pandemic. Construction costs have long been barriers to affordable housing in the city.
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