California Delivers Record-Setting Unemployment in April

California’s unemployment rate fell to a new record low of 4.2 percent in April, with 39,300 jobs added during the month. California has now gained a total of 2,908,100 jobs since the economic expansion began in February 2010. Over the last year, there were 356,800 jobs added, a 2.1 percent increase. March’s previously reported decline was revised up 5,400 new jobs. In the first four...

Real Estate Roundup: San Francisco Is No. 3 in the World for Billionaires

Here’s a look at recent news of interest to homebuyers, home sellers, and the home-curious. THE BAY AREA MINTED 14 NEW BILLIONAIRES IN 2017 Yet more impressive news about the Bay Area’s high-octane economy: The region has more billionaires than all but two other places on the planet. Citing a Wealth-X study, SFGate reports that the number of billionaires across the world climbed to 2,754...

Bay Area Median Sales Price Tops $1 Million for the First Time Ever in April

California’s median single-family home sales price was $584,460 in April, about $10,000 short of its all-time high. The nine-county Bay Area’s home price exceeded $1 million and was up by 14.1 percent year over year. San Mateo was California’s most expensive real estate market in April, with a median sales price of $1.77 million. Golden State home prices could eclipse their previous peaks within the...

Oakland Ranks as One of America’s Top Five Booming Housing Markets

More than one-quarter of the country’s 25 fastest-rising real estate markets are in the Bay Area. Oakland ranks No. 5 on the list, boosted by rising home values and incomes. According to MLS data, the median sales price for a single-family home in Oakland reached $825,000 in April, the highest in two years. During the current housing cycle, Oakland has become a hot spot for...

Wage Growth Helps to Slightly Boost California, Bay Area Housing Affordability

Thirty-one percent of California households could afford the median-priced $538,460 single-family home in the first quarter, up from 29 percent in the fourth quarter. Affordability improved in six of nine Bay Area counties from the fourth quarter and now ranges from 15 percent in San Francisco and San Mateo counties to 42 percent in Solano County. Homebuyers in San Francisco and San Mateo counties must...

Silicon Valley Home Prices Continue to Skyrocket in the First Quarter

More than 90 percent of U.S. housing markets experienced annual price growth in the first quarter. San Jose posted the largest year-over-year home price gain in the country: 28.3 percent. San Jose and San Francisco remain America’s most expensive housing markets, with respective median prices of $1,373,000 and $917,000. Nine in 10 U.S. metropolitan areas saw annual home price increases in the first quarter of...

Real Estate Roundup: Is Now the Best Time Ever to Sell a Home?

Here’s a look at recent news of interest to homebuyers, home sellers, and the home-curious. AMERICANS’ CONFIDENCE IN THE HOUSING MARKET CLIMBS TO ALL-TIME HIGH Rising home prices and a strong U.S. economy have propelled Americans’ optimism in the housing market to a record high, though persistent inventory shortages will likely remain a challenge for the foreseeable future. Fannie Mae’s latest Home Purchase Sentiment Index...

Labor Shortages, Materials Costs Increases to Drive Up Home-Remodeling Costs

A recent survey found that remodeling firms expect labor shortages to worsen this year, while worker and materials costs will increase. More than nine in 10 remodeling businesses report a shortage of carpenters. About 70 percent of home-improvement companies will pass increased labor and materials costs on to customers. While most American homeowners and prospective buyers probably do not ponder the construction sector on a...

San Mateo County Overtakes San Francisco for the Highest Bay Area Home Prices in April

Executive Summary: The Bay Area’s median home price increased by 15 percent year over year in April to reach $980,000. San Mateo is now the most expensive Bay Area county, with a median price of $1.47 million. In Silicon Valley, median home prices continue to grow by 20-plus percent from April 2017. Sales activity also picked up, with a 5 percent increase in sales over...