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Recently Released: Analysis of the Oakland, California Housing Market

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HUD has recently released the document Analysis of
the Oakland, California Housing Market.

The report evaluates Alameda and Contra Costa
counties as two submarkets of the Oakland Housing
Market Area (HMA). The report finds that, while job
creation has been sluggish and the unemployment
rate has increased to 6 percent as of July 1, 2004
(the current date used in the report), the HMA
sales market remains very strong. Total new home
sales increased 27.8 percent from 2002 to 2003. As
of the current date, the supply of vacant units
available for sale was less than 1 percent. Meeting
the new construction needs for the next 20 years
may require building approximately 223,800 new
homes and apartment units. Relatively high prices
and low supply of housing in the HMA appears to be
pushing buyers to purchase in communities that are
70 to 110 miles from Oakland.

Unlike nearby San Francisco, Oakland's engines for
growth are transportation, shipping, education, and
scientific research. The report describes the
leading employers in these sectors.

HUD's Economic and Market Analysis Division prepares
Comprehensive Market Analysis Reports to assist and guide
HUD in its operations. The factual information, findings,
and conclusions contained in the reports are also of
interest to builders, mortgagees, and others concerned
with local housing conditions and trends. For each
analysis, HUD economists develop a factual framework
based on available information, as of a particular date,
from both local and national sources. Each analysis takes
into consideration changes in the economic, demographic,
and housing inventory characteristics of a specific
housing market area during three periods: from 1990 to
2000, from 2000 to the current date of the analysis (in
this case, July 1, 2004), and from the current date to a
given forecast date. The reports present counts and
estimates of employment, population, households, and
housing inventory.

Analysis of the Oakland, California Housing Market is
available as a free download from HUD USER at
https://www.huduser.gov/portal/publications/econdev/mkt_analysis.html

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