San Francisco real estate was still the country’s most sought after in February, while Bay Area prices have been rising for almost six years straight. Check out the latest local news of note in Pacific Union’s weekly Real Estate Roundup.
The inaugural month of 2018 continued U.S. housing market trends observed over the past few years: further deteriorating inventory — particularly for entry-level homes — and more price appreciation.
Americans are most likely to adopt the latest home technologies when receiving them as a gift, while economists are hopeful that an uptick in construction employment will help alleviate the country’s inventory drought. Check out the week’s most important housing headlines in Pacific Union’s latest Real Estate Roundup.
There were fewer homes for sale in all of Pacific Union’s Bay Area regions this November than there were one year ago. Get all of the latest market data you need to support your homebuying or selling decision in our latest monthly real estate update.
Pending home sales continued their skid in California and the Bay Area in October due to shrinking inventory, with the state’s eroding affordability conditions remaining real estate professionals’ chief concern.
Despite fewer properties on the market than there were at the same time last year, California home sales increased modestly in September. Here in the Bay Area, which has the state’s most severe inventory drought, the opposite held true, as sales dropped throughout much of the region.
Although inventory conditions remain challenging across the Bay Area and the U.S., potential homebuyers are optimistic about the housing market, thanks to a strong economy, low mortgage rates, and the prospect of further home price appreciation.
To successfully close a sale, Bay Area homebuyers are putting down much larger down payments than the national average, and a substantial number are leveraging co-borrowers to help them qualify for the mortgage.
Strong buyer demand kept homes selling at a brisk clip as the second half of 2017 began, with the ongoing U.S. inventory constraints continuing to fuel price appreciation.
