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  • These are the most expensive ZIP Codes in the U.S. for house shoppers

    These are the most expensive ZIP Codes in the U.S. for house shoppers

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    Where are home buyers paying the most? Mostly on the coasts, according to a new report.

    Based on a ZIP Code–level analysis of closed home-sale prices, PropertyShark, a real-estate data site owned by Yardi Systems, found that, of the top 100 most expensive ZIP Codes in the U.S., 65% were in California. 

    On the East Coast, New York City had the highest concentration of pricey postal codes for home buyers, the report said.

    The analysis of ZIP Codes was based on the actual sale prices of homes, not their asking prices, PropertyShark noted. “Whereas asking prices reflect sellers’ wishes, calculating medians based on sale prices reflects the transactional reality on the ground,” PropertyShark said.

    The most expensive ZIP Code in the U.S., 94027, in Atherton, Calif., has been a longtime leader on the list, the report said. The median sale price of a home there was a cool $8.3 million. The Bay Area town, in San Mateo County, is home to some rich and famous people, including NBA star Steph Curry and his wife, Ayesha; tech billionaire Marc Andreessen and his wife, Laura; and others.

    Curry and Andreessen have opposed denser and more affordable housing developments in their neighborhoods, earning them criticism as “NIMBYs,” for Not In My Backyard. “Atherton is almost exclusively zoned for single-family homes, with a one-acre minimum lot requirement dating back to the 1920s,” the PropertyShark report stated.

    Across the country, New York City had the highest density of expensive ZIP Codes, with eight spread across Manhattan, Brooklyn and Queens.

    The Hamptons town of Sagaponack (11962), a Long Island enclave popular with celebrities, ranked No. 2 on the list, with a median home price of $8,075,000.

    Nationally, the median home price, meaning the price in the exact middle of the price range, was $394,400 as of September, according to the National Association of Realtors.

    These are the most expensive ZIP Codes in America as of 2023, according to PropertyShark:

    • Atherton, Calif. (94027) 

      • Median home-sale price in 2023: $8,300,000 

    • Sagaponack, N.Y. (11962) 

      • Median home-sale price in 2023: $8,075,000 

    • Miami Beach, Fla. (33109) 

      • Median home-sale price in 2023: $5,500,000 

    • Santa Barbara, Calif. (93108) 

      • Median home-sale price in 2023: $5,000,000 

    • Beverly Hills, Calif. (90210) 

      • Median home-sale price in 2023: $4,800,000 

    • Stinson Beach, Calif. (94970) 

      • Median home-sale price in 2023: $4,500,000 (tie) 

    • Water Mill, N.Y. (11976) 

      • Median home-sale price in 2023: $4,500,000 (tie) 

    • Newport Beach, Calif. (92661) 

      • Median home-sale price in 2023: $4,495,000 

    • Santa Monica, Calif. (90402) 

      • Median home-sale price in 2023: $4,489,000 

    • Medina, Wash. (98039) 

      • Median home-sale price in 2023: $4,388,000 

    • Rancho Santa Fe, Calif. (92067) 

      • Median home-sale price in 2023: $4,248,000

    Read on: This U.S. city has the highest share of superrich residents in the world — and it’s not New York, San Francisco or Seattle

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  • U.S. pending home sales stay near record low despite modest pickup in September

    U.S. pending home sales stay near record low despite modest pickup in September

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    The numbers: U.S. pending home sales rebounded in September but remain near a record low as high mortgage rates and low inventory continue to hurt the real-estate sector.

    Pending home sales rose 1.1% in September from the previous month, according to the monthly index released Thursday by the National Association of Realtors.

    But pending home sales were still depressed on an annual basis due to the dearth of home listings. The September figure was the second-lowest reading since the NAR began tracking the data in 2001.

    Transactions were down 11% from last year.

    Nonetheless, the sales pace exceeded expectations on Wall Street. Economists were expecting pending home sales to fall 1.5% in September.

    Pending home sales reflect transactions where the contract has been signed for the sale of an existing home, but the sale has not yet closed. Economists view it as an indicator of the direction of existing-home sales in subsequent months.

    The NAR also released an updated forecast for existing-home sales on Thursday. The group expects sales to fall 17.5% in 2023 to a pace of 4.15 million, which will be the slowest pace since 2008. Yet due to low inventory, the median home price will increase by 0.1% in 2023, the NAR said, to $386,700.

    The group expects home sales to rebound in 2024, rising 13.5% to a rate of 4.71 million. Home prices are expected to rise 0.7% next year, to $389,500. 

    The NAR also expects the 30-year mortgage rate to fall to 6.9% in 2023 and 6.3% in 2024. The 30-year was averaging 7.98% as of Wednesday, according to Mortgage News Daily.

    Big picture: The U.S. housing market is dealing with problems on both the demand and supply sides, but the NAR seems confident that the sector will recover in the new year.

    At present, not only are rates high enough to discourage home buyers, the lack of inventory is also making homes more expensive, which further spooks buyers. The NAR expects the pace of existing-home sales to fall to the slowest in 15 years, when the U.S. was in the midst of a recession caused by the subprime-lending crisis.

    What the realtors said: “Because of home builders’ ability to create more inventory, new-home sales could be higher this year despite increasing mortgage rates,” NAR Chief Economist Lawrence Yun said. “This underscores the importance of increased inventory in helping to get the overall housing market moving.”

    Market reaction: Stocks
    DJIA

    SPX
    were mixed in early trading on Thursday. The yield on the 10-year Treasury note
    BX:TMUBMUSD10Y
    rose above 4.9%.

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