Economic data for the City and County of San Francisco indicate the job and residential real estate markets remain strong, according to a report released Monday by San Francisco’s Office of the Controller.
The City’s unemployment rate is at its lowest level since April 2008, shortly after the Great Recession began. The unemployment rate in October was 4.4 percent, unchanged from the month before, the report says.
During this year’s third quarter, the city’s unemployment rate was also 4.4 percent, down from 4.6 percent in the second quarter. The residential real estate market is still among the strongest in the nation, following growth in the Bay Area’s job market.
The demand and supply conditions in the residential housing market are forcing home prices up, according to the controller’s office. Median home prices in San Francisco closed in on $1 million in October.