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.
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.
An increasing number of sellers are putting their homes on the market in Napa County this spring, and other regions in the Bay Area and Tahoe/Truckee are also seeing more homes for sale after months of exceptionally tight inventories.
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.
February home prices posted exceptionally strong gains across the Bay Area and the Tahoe/Truckee region, led by San Francisco, where the median sales price for a single-family home jumped $166,000 — 26 percent — in a year’s time.
The number of Bay Area homes selling for $1 million and higher skyrocketed 39 percent last year, a clear sign of the region’s strong economy as well as its bright prospects for 2013.
The year 2012 was exceptionally busy in the Bay Area, with the housing recovery in full swing and most of our regions reporting their highest number of home sales since 2005. Pacific Union’s fourth-quarter real estate report has the facts and numbers behind the good news, and it sets the stage for a robust year ahead!