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  • California Home Listings Improved for the Fifth Straight Month in August

    September 18, 2018

    California Home Listings Improved for the Fifth Straight Month in August

    There were 17.2 percent more active home listings in California in August than there were at the same time last year. The median sales price for a single-family home in the state ended the month at $596,410, up by 5.5 percent year over year. The nine-county Bay Area’s median sales price was $935,000, up by 10.0 percent from August 2017 for the 14th consecutive month of annual gains.

  • The Bay Area Has the Fewest Underwater Homes in the U.S. in 2018

    September 7, 2018

    The Bay Area Has the Fewest Underwater Homes in the U.S. in 2018

    Homeowners in five Bay Area cities are doing the best in America when it comes to accruing equity, helping to propel a Silicon Valley community to near the top of a list of the country’s leading estate markets.

  • Finally, More Bay Area Housing Inventory Arrives After 16 Months of Declines

    August 16, 2018

    Finally, More Bay Area Housing Inventory Arrives After 16 Months of Declines

    The Bay Area’s decline in home sales (including single-family and condominiums) improved in July, with only 3 percent less activity year over year after a 13 percent decline in June. Compared with last summer (May through July),sales were slower in Santa Clara, Napa, Sonoma, Marin, and San Mateo counties. Sales activity declined by 19 percent in Marin County and by 13 percent in Santa Clara County. Sales of homes priced above $1 million — and especially those above $3 million — continued to fare better than they did last year. Only Marin County saw a decline in sales of homes priced between $2 million and $3 million, down by 7 percent year over year.

  • California Housing Affordability Drops to 10-Year Low in the Second Quarter

    August 9, 2018

    California Housing Affordability Drops to 10-Year Low in the Second Quarter

    • Twenty-six percent of California households could afford to purchase the median-priced single-family home in the second quarter, down on both a quarterly and yearly basis. • Thirty-seven of 45 tracked California counties were less affordable than they were in the second quarter of 2017. • In the Bay Area, affordability declined year over year in five counties, improved slightly in two, and was unchanged in two.

  • Southern California home sales crash, a warning sign to the nation

    July 27, 2018

    Southern California home sales crash, a warning sign to the nation

    • Sales of both new and existing houses and condominiums dropped 11.8 percent year over year, as prices shot up to a record high, according to CoreLogic. • The median price paid for all Southern California homes sold in June was a record $536,250, according to CoreLogic, a 7.3 percent increase compared to June of 2017. • In the past, California, one of the largest housing markets in the nation, has been a predictor for the rest of the country.

  • Are Bay Area Housing Markets Getting the Jitters? June’s Median Price Growth Doesn’t Suggest So.

    July 19, 2018

    Are Bay Area Housing Markets Getting the Jitters? June’s Median Price Growth Doesn’t Suggest So.

    Executive Summary: Bay Area home sales dropped by 13 percent year over year in June. Sales in Sonoma and Napa counties slowed by more than 20 percent, while activity in San Francisco, Marin, and Alameda counties declined by about 10 percent. Sales of homes priced at less than $1 million fell at the fastest rate seen in two years, down by 28 percent, driven by 50 percent drops in San Mateo and Santa Clara counties. Sales of homes priced above $1 million continued to grow; however, June’s increase was the smallest seen in a year.

  • San Francisco house prices grew the fastest ever in the first half of 2018 as the tech boom shows no signs of slowing

    July 9, 2018

    San Francisco house prices grew the fastest ever in the first half of 2018 as the tech boom shows no signs of slowing

    The average price of a house bought in San Francisco rose by $205,000 in the first half of 2018, the largest six-month increase in history, according to MLS data compiled by local real estate agency Paragon.

  • California’s Unemployment Rate Maintains Record Low in May

    June 19, 2018

    California’s Unemployment Rate Maintains Record Low in May

    California continued to create jobs in May, with the unemployment rate remaining at an all-time row. Pacific Union Chief Economist Selma Hepp offers her perspective on the latest employment trends in California, the Bay Area, and Los Angeles.

  • June 12, 2018

    The Bay Area’s Median Home Price Climbs to $1 Million in May

    The Bay Area’s median home price reached $1 million in May, a 17 percent year-over-year increase, with Silicon Valley continuing to post 30 percent appreciation. Homes sales activity matched last May, with San Francisco showing the strongest gain, up by 7 percent year over year. Napa County sales were slower than last year. Higher-priced sales rose up by about 30 percent.

  • June 5, 2018

    Where Will Mortgage Rates Land?

    Executive Summary: Thirty-year, fixed-rate mortgages in 2018 have been rising at the fastest pace in 50 years and reached 4.66 percent for the week ended May 24 before dropping to 4.56 percent this week. However, mortgage rates did not increase proportionally to the federal funds rate determined by the Federal Reserve because they are determined by longer-term economic factors beyond solely the influence of central banks and monetary policy. Read full article: https://blog.pacificunion.com/where-will-mortgage-rates-land/