“If You Own A Home In Palo Alto, CA; Sell It Now”

Thursday, September 1, 2016
By Paul Martin

by Wolf Richter via WolfStreet.com,
ZeroHedge.com
Sep 1, 2016

Utter insanity is turning south.
In Palo Alto, a small town of about 67,000 souls, including Facebook CEO Mark Zuckerberg, about an hour south of San Francisco, in the middle of Silicon Valley, and part of the 9 million people in the vast Bay Area, the median home value in July, according to Zillow, fell to $2.486 million.

That’s still up 103% from July 2011. These are not palaces. Median price means 50% cost more, 50% cost less. These are modest homes, in theory where the median household can settle down. Drop to $1 million, and you get the “million dollar shack.”

But the median price is up only 1.6% from July last year, and down 0.5% from the peak in April of $2.5 million, a tiny fraction really – “tiny fraction” in Palo Alto means $12,500.

The median listed price per square foot, at $1,357, is down 7% from June.

The Rest…HERE

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