U.S. Median Home Price Again Hits New High

The median sales price for a U.S. home rose to $248,000 in the third quarter, another record high. San Jose and San Francisco home sellers reaped the largest profits for the third straight quarter, a respective 80 percent and 71 percent. San Jose had the nation’s fewest distressed sales in the third quarter, with such transactions accounting for 3.1 percent of activity. The national median...

U.S. Homeownership Rate Inches Up

The U.S. homeownership rate ended the third quarter at 63.9 percent, still less than its historic norm of 65 percent. The West has the nation’s lowest homeownership rate of 58.9 percent. Homeownership rates range from 35.6 percent for millennials to 78.9 percent for older baby boomers. The national homeownership rate improved slightly in the third quarter, but remains below its long-term average due to inventory...

Challenging Market Conditions Hold Back First-Time Homebuyer Activity

First-time homebuyers have been responsible for 34 percent of activity over the past year, down from 35 percent the previous year. More than 40 percent of first-time buyers have student loans, which average $29,000. First-time buyers made average down payments of 5 percent over the past year, compared with 6 percent the previous year. Although mortgage rates remain favorable and the U.S. job market is...

How Can You Help the Wine Country Recover? Come Visit.

As we slowly begin to recover from the tragedy of the wildfires that struck our North Bay communities, we want to take a moment to reflect on how the community pulled together and how average citizens can help the region’s economy get back on track. Over the weeks that the fires raged in our beautiful Wine Country, the unbelievable sacrifice of the first responders —...

Real Estate Roundup: Bay Area Still Claims the Nation’s Three Hottest Housing Markets

Here’s a look at recent news of interest to homebuyers, home sellers, and the home-curious. TRIFECTA: SAN JOSE, VALLEJO, AND SAN FRANCISCO ARE MOST IN-DEMAND U.S. MARKETS Nationwide, housing inventory is tight this fall, and the homes that are on the market are selling fast. That’s certainly the case here in the Bay Area, which again claims the country’s three most in-demand real estate markets...

Bay Area Pending Home Sales Down for the 12th Consecutive Month

U.S. pending home sales dropped to their lowest level since January 2015 in September. California pending sales declined for the third straight month on an annual basis, while Bay Area pending sales are now on a yearlong slide. About two-thirds of California homes that sold in September received multiple offers. Inventory shortages once again caused Bay Area pending home sales to drop in September, a...

San Francisco Again Named America’s Greenest City

For the second straight year, San Francisco ranks as the most environmentally friendly U.S. city. Seven of America’s top 10 green cities are located in California. San Francisco and Oakland are among the nation’s 10 best cities for green jobs. California dominates the upper rankings of an annual list of environmentally conscious cities, with San Francisco ranking in the top spot for the second year...

Tight Inventory Drives Bay Area Prices Up, Sales Down in September

September’s median single-family home price in the nine-county Bay Area was $852,230, up 11.5 percent year over year Bay Area home sales dropped by 14.2 percent from August and 4.2 percent year over year, and future declines are expected for areas affected by wildfires. The months’ supply of inventory fell both statewide and in the Bay Area from September of last year. Despite fewer properties...

Bay Area Unemployment Rates Fall to Lowest Levels Since May

Hiring bounced back in California in September, with 52,200 jobs created, according to the latest numbers from the state Employment Development Department. August data was revised to 7,700 job losses versus the 8,200 that was previously reported. At 1.7 percent year-over-year job growth, the state again outpaced the national rate of 1.2 percent. Nevertheless, national numbers were impacted by hurricanes in September and are likely...