Market News
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.
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.
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.
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/
May 29, 2018
Real Estate Roundup: U.S. Homes Are Selling Faster Than Ever This Spring
PERSISTENT INVENTORY CONSTRAINTS SUPPRESS APRIL U.S. HOME SALES Both homebuyer demand and tight inventory conditions continued in April, holding back sales and causing properties to fly off the market.
May 22, 2018
California Delivers Record Setting Unemployment in April
EXECUTIVE SUMMARY • California’s overall unemployment rate fell to a new record low in April of 4.2 percent • Since January, nearly 100,000 new jobs were created in the Golden State, led by 10,000 new jobs in construction • The Bay Area’s unemployment continued to fall in April with San Francisco and San Mateo counties delivering the lowest rates in the region of 2.1 percent • Los Angeles’ unemployment fell to 4.4 percent, which is another record setting low for the region • Since 2010, nearly 3 million new jobs have been created in California Read the full article: https://blog.pacificunion.com/california-delivers-record-setting-unemployment-in-april/
May 4, 2018
U.S. Unemployment Rate Falls to the Lowest Level in Nearly 18 Years in April
Today’s national employment report from the U.S. Bureau of Labor Statistics reported an increase of 164,000 jobs in April, which continues…