Recent news of interest to homebuyers, home sellers, and the home-curious includes a trend that finds many first-time buyers unable to get a foot in the door in the Bay Area’s pricey, competitive housing market. Also, another report finds that things are getting even tougher for middle-class homebuyers in the Bay Area and California.
Two Bay Area regions rank among the top five leading the U.S. housing recovery, outperforming most of the nation in decreased foreclosure activity, growing median price, fewer underwater homes, and rising employment.
Instead of putting a damper on sales, the prospect of rising interest rates will likely drive homebuyers to make a deal sooner rather than later, making for a busy summer and fall.
Things are coming up golden for homeowners in the Golden State, as median sale prices rocket to heights not seen since 1980.
Faced with shrinking inventories and rising prices, homebuyers are increasingly willing to pay more for residential properties, a new survey says.
An April housing survey by Fannie Mae found that 51 percent of Americans expect home prices to climb at least 3 percent over the next year, a big jump in confidence from a year ago, when only 32 percent were optimistic prices would rise.
April home prices continued to post solid gains across the Bay Area and the Tahoe/Truckee region in April, with the median price for single-family homes reaching $1 million in San Francisco for the first time in more than five years and the median price in our Sonoma Valley region jumping 65 percent over the past year.
Both The Wall Street Journal and USA Today have noted recently that rising home prices in the San Francisco metropolitan area are sustainable because of its strong economic base.
Recent news of interest to homebuyers, home sellers, and the home-curious includes a forecast of 10 percent growth in home prices this year and 8 percent growth next year. Also, lenders are warming up to home equity loans again, and sales of new and existing homes posted solid gains in March.
After record-breaking results in 2012, real estate activity in the first quarter suggests 2013 will once again reach new highs. Pacific Union’s Quarterly Real Estate Report has the facts and numbers behind the good news.