Home prices remained solid across of all Pacific Union’s regions in the third quarter, while inventory slightly expanded in many, offering relief for buyers. Get an in-depth look into market conditions in the Bay Area and Tahoe/Truckee in our comprehensive Q3 quarterly report.
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.
The frantic run-up in Bay Area home prices is expected to settle down in the coming months as a result of three factors seen in real estate markets nearby and nationwide: rising mortgage rates, expanding inventory, and declining investor demand.
The most recent Case-Shiller report shows that the San Francisco metropolitan area now trails Las Vegas in terms of year-over-year average home-price gains. Still, it was one of just two U.S. regions where yearly price upticks topped 20 percent.
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.
A recent home-affordability report shows that prices continue to rise beyond the reach of most Californians, but houses are still a bargain when compared to six years ago, when only 11 percent of the state’s residents could afford to buy a home.
Faced with shrinking inventories and rising prices, homebuyers are increasingly willing to pay more for residential properties, a new survey says.
Tight supplies of homes for sale have stymied would-be buyers in the Bay Area – and in many parts of California and the U.S. – for many long months. Have housing inventories finally hit bottom?
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.