Sellers in San Jose and San Francisco made the most money on their homes last year across the United States.
The median gain on homes they bought nine years earlier in San Jose was 54 percent, Bloomberg reported. That comes to a profit of nearly $300,000 — above the current median U.S. home price of $215,000.
San Francisco sellers saw a 46 percent increase, which translates to about $222,000 in profit. Nationally, where sellers owned their homes for 8.4 years, the median profit was 21 percent, the report said.
“A short supply of homes for sale has kept upward pressure” on prices, according to the Zillow report.
But in many areas, sellers aren’t able to make enough of a profit to cover a down payment. In New York — where the typical seller owned their home for almost 11 years — the median gain was 15 percent, or $46,000. That falls short of the typical down payment of $85,000, Bloomberg said.
U.S. home prices are the least affordable in nearly a decade, according to another recent Zillow report. In May, the median price of a previously owned homes rose to a record $264,800. [Bloomberg] — Meenal Vamburkar