CFAH

Home Buying Activity Inches Up, Only Down 35 Percent YOY

The volume of applications to secure a purchase mortgage loan for a home in the U.S. inched up 2 percent last week on both an absolute and seasonally adjusted basis, representing the fourth straight week with an uptick in purchase mortgage activity, according to the Mortgage Bankers Association. That... Read More »

Index for Bay Area Homes Has Dropped 17%, Trending Down

Index for Bay Area Homes Has Dropped 17%, Trending Down

The S&P CoreLogic Case-Shiller Index for single-family home values within the San Francisco Metropolitan Area – which includes the East Bay, North Bay and Peninsula – ticked down another 1.3 percent in January and is now 7.6 percent lower than at the start of last year, representing the largest... Read More »

Inventory Ticks Up in San Francisco as Home Sales Decline

While the net number of homes on the market in San Francisco had been holding at a seasonally adjusted 10-year high, inventory levels ticked up 7 percent over the past week, driven by listings for single-family homes, the inventory of which is now 45 percent higher than at the... Read More »

Benchmark Mortgage Rate Drops, Poised to Tick Down

Benchmark Mortgage Rate Drops, Poised to Tick Down

Measured prior to yesterday’s quarter-point rate hike by the Fed, the average rate for a benchmark 30-year mortgage had dropped another 18 basis points (0.18 percentage points) over the past week to 6.42 percent but remained 200 basis points, or roughly 45 percent, higher than at the same time... Read More »

New Home Sales and Median Sale Price Tick Up, But…

New Home Sales and Median Sale Price Tick Up, But…

Having been revised down over the past quarter in the absolute, the seasonally adjusted pace of new single-family home sales in the U.S. ticked up 1.1 percent last month to an annualized rate of 640,000 sales but was down 19.0 percent on a year-over-year basis, 22.2 percent lower than... Read More »

Bay Area Employment Drops, Trending Back Down

Bay Area Employment Drops, Trending Back Down

Having ended 2022 nearing its pre-pandemic peak, the net number of people living in San Francisco with a paycheck dropped by 5,400 in January to 560,600 as the impact of tech layoffs and new unemployment claims started to be realized, based on updated data from the State. That being... Read More »

Pending Home Sales in San Francisco Down Nearly 45 Percent

As we outlined yesterday, while the net number of homes on the market in San Francisco (i.e., inventory) is currently unchanged, month-over-month and year-over-year, it’s not due to a jump in demand. In fact, pending home sales in San Francisco, which were down an average of 40 percent on... Read More »

Number of Homes for Sale in S.F. Holds, Reductions Jump

Number of Homes for Sale in S.F. Holds, Reductions Jump

While the net number of homes on the market in San Francisco has held over the past month and now year-over-year, it’s important to understand that the “holding pattern” is being driven by a sharp drop in the number of condos and single-family homes that are being listed for... Read More »

More Height for Market-Rate Tower Closer to Reality

More Height for Market-Rate Tower Closer to Reality

As we revealed at the end of last year, a modification to the approved plans for Related California’s 365-foot-tall tower to rise on the parking lot parcel at 98 Franklin Street, at the intersection of Oak, was in the works, a modification which would increase the tower’s height to... Read More »

Benchmark Mortgage Rate Ticks Down to 6.6 Percent, But…

Benchmark Mortgage Rate Ticks Down to 6.6 Percent, But…

With all the volatility in the financial markets, the average rate for a benchmark 30-year mortgage ticked down 13 basis points (0.13 percentage points) over the past week to 6.60 percent but remains 244 basis points, or roughly 60 percent, higher than at the same time last year and... Read More »