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...

Video: April Bay Area Home Sales

Check out this short animation that highlights April real estate activity in the Bay Area. To read the full analysis by Pacific Union Chief Economist Selma Hepp, click here. 

Pacific Union’s April 2018 Real Estate Update

All Bay Area regions in which Pacific Union operates posted year-over-year median home price increases in April, except Napa County, which saw slight annual depreciation. Six regions saw double-digit percentage-point annual appreciation, led by Sonoma Valley, where prices grew by 39 percent. Click on the image accompanying each of our regions below for an expanded look at local real estate activity in April. CONTRA COSTA...

California Surpasses the U.K. as the Fifth-Largest Global Economy

Robust 2017 economic growth in California helped push the state to the world’s fifth-largest economy, surpassing the United Kingdom. Only the U.S., China, Japan, and Germany now have larger economies than California. The size of California’s economy is a little more than one-tenth of the size of China’s economy. In 2017, California’s gross domestic product (GDP) reached $2.747 trillion, up by $127 billion from 2016....

Video: California Is Now the World’s Fifth-Largest Economy

Check out this short animation that highlights California’s new global economic standing. To read the full analysis by Pacific Union Chief Economist Selma Hepp, click here.  

Real Estate Roundup: Bay Area Homeowners Begin 2018 as the Nation’s Most Equity-Rich

Here’s a look at recent news of interest to homebuyers, home sellers, and the home-curious. SAN JOSE, SAN FRANCISCO CONTINUE TO HAVE THE NATION’S MOST EQUITY-RICH HOMEOWNERS As Pacific Union published in its first-quarter 2018 real estate report, single-family home prices in San Francisco and Silicon Valley posted substantial annual home price gains — 25.5 percent and 19.5 percent, respectively. And that type of appreciation...

Which Small Bay Area Cities Rank Among the Nation’s Most Livable in 2018?

For the fifth consecutive year, Palo Alto ranks among the 10 most livable small to medium-sized American cities. Berkeley counts among the top 20 best places to live in 2018, coming in at No. 13. In total, Bay Area cities represent about 10 percent of the country’s most livable cities. An aerial view of Palo Alto and Stanford University Although real estate prices in Palo...

Video: April U.S. Jobs Report

Check out this short animation that offers highlights of April’s U.S. jobs report. To read the full analysis by Pacific Union Chief Economist Selma Hepp, click here.