California Home Listings Rose for the Seventh Straight Month in October

California’s active home listings grew by 28 percent on an annual basis in October. Inventory increased in eight of nine Bay Area counties from last October, with Los Angeles County also posting supply gains. The state’s median single-family home price rose by 4.7 percent year over year to $572,000, while the Bay Area and Los Angeles metropolitan area posted respective annual price gains of 7.9...

The U.S. Housing Market: Despite a Demographic Push, Proceed With Caution

  With California housing markets having decidedly shifted since the summer, the looming question is what comes next. Since 2014, Pacific Union has partnered with John Burns Real Estate Consulting to forecast the market for the upcoming three years. At our November 2017 forecast, we suggested that the John Burns Home Value Index would reach a plateau in 2018 (which we named a “table top”) and...

How You Can Help Those Affected by the California Wildfires

All of us at Pacific Union and Compass would like to extend our sincere condolences to everyone affected by the Camp Fire in Northern California and the Woolsey Fire in Southern California. As these powerful wildfires continue to burn throughout our state, we have received reports that at least 10 of our Pacific Union and Compass family members have lost their homes. Many have asked...

California Home Sales Plunged in September

Home sales declined by 17.2 percent in California from September 2017, while the Bay Area and Southern California saw activity decrease by a respective 18.9 percent and 17.7 percent. Slowing home sales reflect diminishing affordability and less buyer urgency rather than reduced demand. The Bay Area saw the slowest annual appreciation in 15 months in September, while Southern California’s price growth was the lowest in...

Real Estate Roundup: More Evidence That Generation Z Will Become Active Homebuyers

Here’s a look at recent news of interest to homebuyers, home sellers, and the home-curious. THE YOUNGEST GROUP OF AMERICANS ARE ALREADY SAVING MONEY FOR A HOME Several months after a survey found that more than 80 percent of Generation Z plan to purchase real estate in the next five years, another shows that they are backing up that talk by actively saving money for...

Silicon Valley Claims the Nation’s Top 5 Neighborhoods for Equity-Rich Homeowners

There were 14.5 million equity-rich U.S. homeowners in the third quarter, a new record high. As in previous quarters, the San Jose and San Francisco metropolitan areas had the most equity-rich homeowners. Nearly 90 percent of owners in three Sunnyvale ZIP codes are classified as equity-rich, the most in the country. The number of U.S. homeowners who are considered equity-rich reached a new high in...

Bay Area Households Are the Nation’s Best at Sticking to a Budget

San Jose residents ranks as America’s best for living within their means, thanks to having the country’s lowest debt not related to housing and smallest revolving credit usage. San Francisco places No. 2 for budget consciousness, with annual incomes that are more than $30,000 higher than the national median. Homeowners in all six of the California cities included in the analysis have mortgage-debt-to-income balances higher...

How Long Will a Home Purchase Impact Californians’ Credit Scores?

The average American can expect their credit score to decline by 15 points after buying a home, with the total recovery time taking about 10 months. San Jose and San Francisco homebuyers have exceptionally high credit scores but will need to wait roughly a year before their ratings return to normal. Making on-time mortgage payments will help boost new homebuyers’ credit ratings, as will the...

Bay Area Home Prices Are Growing at More Than Twice the National Rate

The median sales price for a U.S. existing single-family home was $266,900 in the most recently completed quarter, a year-over-year increase of 4.8 percent. The San Jose metropolitan area remains the nation’s most expensive real estate market, with the $1,300,000 median sales price up by 11.6 percent from the third quarter of 2017. San Francisco’s $989,000 median sales price increased by 9.9 percent on an...