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Buyer Pool Shrinks, Pending Home Sales in the U.S. Down 20 Percent

Buyer Pool Shrinks, Pending Home Sales in the U.S. Down 20 Percent

Having inched up 0.7 percent in May, the National Association of Realtors Pending Home Sales Index, a seasonally adjusted index for which 100 denotes “an average level” of activity, dropped 8.6 percent in June to a below average reading of 91.0 and was down 20 percent versus the same... Read More »

Benchmark Mortgage Rate Drops.  Yes, Drops

Benchmark Mortgage Rate Drops. Yes, Drops

Measured prior to yesterday’s announcement of another 75 basis point hike to the federal funds rate, the average rate for a benchmark 30-year mortgage had dropped 24 basis points (0.24 percentage points) over the past week to 5.30 percent, which was still 250 basis points and roughly 90 percent... Read More »

Pace of New Home Sales Drops, Median Sale Price Too

Pace of New Home Sales Drops, Median Sale Price Too

Having ticked up a downwardly revised 6.3 percent in May, the seasonally adjusted pace of new single-family home sales in the U.S. dropped 8.3 percent in June to an annualized rate of 590,000 sales, which is effectively the same pace as in April of 2020 when the market came... Read More »

Index for Bay Area House Values Inches Up, YOY Gains Drop

Index for Bay Area House Values Inches Up, YOY Gains Drop

Having ticked up 2.2 percent in April, 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 – inched up 0.9 percent in May for a year-over-year gain of 20.9 percent, which was down... Read More »

Number of Homes for Sale in S.F. Peaks, Reductions Rise

Number of Homes for Sale in S.F. Peaks, Reductions Rise

Driven by a slowdown in new listing activity rather than an uptick in sales, the net number of homes on the market in San Francisco (i.e., inventory) dropped 9 percent over the past week to 1,190 but is still 25 percent higher than at the same time last year,... Read More »

Construction of Prominent Hub District Tower Has Commenced

Construction of Prominent Hub District Tower Has Commenced

With the prominent Hub District site having been completely cleared, which is a departure from what was originally planned, construction on the 47-story tower to rise up to 540 feet in height at 30 Van Ness is officially underway. As we outlined last year, while originally envisioned to yield... Read More »

Pace of Existing Home Sales in the U.S. Drops, YOY Decline Grows

Pace of Existing Home Sales in the U.S. Drops, YOY Decline Grows

Having ticked down 3.4 percent in May, the seasonally adjusted pace of existing-home sales across the U.S. dropped another 5.4 percent in June to an annual rate of 5.12 million sales, representing the eleventh straight month with a year-over-year decline in sales, the largest year-over-year decline in sales (14.2... Read More »

Mortgage Application Volume Drops Back Down to a 22-Year Low

Mortgage loan application volumes in the U.S. dropped 6.3 percent on a seasonally adjusted basis last week, with a 7 percent seasonally adjusted drop in purchase mortgage activity, which was down 19 percent on a year-over-year basis, dropping total application volume back to a 22-year low despite an increase... Read More »

Purchase Activity for New Homes Drops Despite (Much) More Inventory

Purchase Activity for New Homes Drops Despite (Much) More Inventory

Despite the fact that the number of new homes on the market across the U.S. is up nearly 35 percent on a year-over-year basis to a 14-year high, mortgage loan application volume to purchase one of said new homes dropped 10 percent from May to June, is down 12... Read More »

Office Vacancy Rate in S.F. Was Holding at a Pandemic High

Office Vacancy Rate in S.F. Was Holding at a Pandemic High

Having hit a pandemic high of 21.7 percent in the first quarter of 2022, the effective office vacancy rate in San Francisco was unchanged in the second quarter of this year, representing 18.7 million square feet of vacant office space in the city, with a slight decrease in the... Read More »