This blue-collar city and its posh surrounding suburbs benefit from neighboring San Francisco's spillover.
"[Oakland] is more affordable than the rest of the Bay Area, especially at the moderate- and low-end," said Leslie Appleton-Young, chief economist for the California Association of Realtors.
Oakland-area home prices have come roaring back since the housing bust, jumping 26% for the 12 months through last September, according to CoreLogic Case-Shiller.
With the region's high-paying tech industry going strong, deep-pocketed workers continue to flock to the area helping to push the median home price to a whopping $545,000.
CoreLogic expects home prices to climb another 9.3% by the end of September. Yet this hot market is expected to eventually cool. Over the next five years, CoreLogic expects home price growth to slow to 4.5% annually.
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||4.36%||4.24%|
|15 yr fixed||3.39%||3.26%|
|30 yr refi||4.34%||4.22%|
|15 yr refi||3.38%||3.24%|
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