Vital Signs: Home Prices - Bay Area (2022)

VITAL SIGNS INDICATOR

Home Prices (EC7)

FULL MEASURE NAME

Home Prices

LAST UPDATED

December 2022

DESCRIPTION

Home prices refer to the cost of purchasing one’s own house or condominium. While a significant share of residents may choose to rent, home prices represent a primary driver of housing affordability in a given region, county or city.

DATA SOURCE

Zillow: Zillow Home Value Index (ZHVI) - http://www.zillow.com/research/data/

2000-2021

California Department of Finance: E-4 Historical Population Estimates for Cities, Counties, and the State - https://dof.ca.gov/forecasting/demographics/estimates/

2000-2021

US Census Population and Housing Unit Estimates - https://www.census.gov/programs-surveys/popest.html

2000-2021

Bureau of Labor Statistics: Consumer Price Index - http://data.bls.gov

2000-2021

US Census ZIP Code Tabulation Areas (ZCTAs) - https://www.census.gov/programs-surveys/geography/guidance/geo-areas/zctas.html

2020 Census Blocks

CONTACT INFORMATION

vitalsigns.info@bayareametro.gov

METHODOLOGY NOTES (across all datasets for this indicator)

Housing price estimates at the regional-, county-, city- and zip code-level come from analysis of individual home sales by Zillow based upon transaction records. Zillow Home Value Index (ZHVI) is a smoothed, seasonally adjusted measure of the typical home value and market changes across a given region and housing type. It reflects the typical value for homes in the 35th to 65th percentile range. ZHVI is computed from public record transaction data as reported by counties. All standard real estate transactions are included in this metric, including REO sales and auctions. Zillow makes a substantial effort to remove transactions not typically considered a standard sale. Examples of these include bank takeovers of foreclosed properties, title transfers after a death or divorce and non arms-length transactions. Zillow defines all homes as single-family residential, condominium and co-operative homes with a county record. Single-family residences are detached, which means the home is an individual structure with its own lot. Condominiums are units that can be owned in a multi-unit complex, such as an apartment building. Co-operative homes are slightly different from condominiums in that the homeowners own shares in the corporation that owns the building, not the actual units themselves.

For metropolitan area comparison values, the Bay Area metro area’s median home sale price is the population-weighted average of the nine counties’ median home prices. Data is adjusted for inflation using Bureau of Labor Statistics metropolitan statistical area (MSA)-specific series. Inflation-adjusted data are presented to illustrate how home prices have grown relative to overall price increases; that said, the use of the Consumer Price Index (CPI) does create some challenges given the fact that housing represents a major chunk of consumer goods bundle used to calculate CPI. This reflects a methodological tradeoff between precision and accuracy and is a common concern when working with any commodity that is a major component of the CPI itself.

Querying over HTTP

Splitgraph serves as an HTTP API that lets you run SQL queries directly on this data to power Web applications. For example:

curl https://data.splitgraph.com/sql/query/ddn \
    -H "Content-Type: application/json" \
    -d@-<<EOF
{"sql": "
    SELECT *
    FROM \"bayareametro-gov/vital-signs-home-prices-bay-area-2022-2uf4-6aym\".\"vital_signs_home_prices_bay_area_2022\"
    LIMIT 100 
"}
EOF

See the Splitgraph documentation for more information.