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Home prices nearly doubled in this surprising California city


Source: The Mercury News

New homes under construction in KB Homes' Montevello development are photographed in Stockton, Calif., on Wednesday, Nov. 29, 2017. New data from the Federal Housing Finance Agency shows that Stockton is on the top of the list of the country's 100 biggest metropolitan areas where home prices have increased. Experts say that's in part because Bay Area residents are fleeing the area and seeking out cities with cheaper homes, driving up prices. (Doug Duran/Bay Area News Group)

 

As home prices skyrocket across the state, there’s one California city where they’ve shot up more than anywhere else in the U.S. — nearly doubling in the past five years.

No, it’s not San Francisco, San Jose or Oakland. It’s not even in the Bay Area.

It’s Stockton, the Central Valley community twice dubbed America’s “most miserable” city by Forbes Magazine because of its high rates of housing foreclosures, unemployment and violent crime.

The jump in home prices in Stockton and neighboring Lodi — up about 92 percent over the past five years — is dramatic evidence of the ripple effects of the Bay Area’s tight housing market and the increasingly out-of-reach cost of living here.

As people flee San Francisco and Silicon Valley in search of cheaper housing — heading to places like Stockton, Oakland and Sacramento — prices in those second-tier markets are rising.

 

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