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Articles Filed Under: Industry Stuff

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Pending Home Sales in S.F. “Jump” From a 6-Year Low

Having dropped to a six-year low in the absolute last month, the net number of homes in contract to be sold across San Francisco has since “jumped nearly 50 percent,” driven by typical seasonality. That being said, pending sales are still down over 30 percent on a year-over-year basis... Read More »

Average Asking Rent in S.F. Ticks Up, Inflation Slows

Average Asking Rent in S.F. Ticks Up, Inflation Slows

Having slipped at the end of last year with typical seasonality in play, the weighted average asking rent for an apartment in San Francisco ticked up 2 percent in January to $3,550 per month, which was less than 5 percent higher than at the same time last year and... Read More »

Benchmark Mortgage Rate Poised to Slip Under 6 Percent, But…

Benchmark Mortgage Rate Poised to Slip Under 6 Percent, But…

The average rate for a benchmark 30-year mortgage inched down another 4 basis points (0.04 percentage points) over the past week to 6.09 percent and is currently poised to slip back under 6 percent next week with the 10-year treasury rate having ticked down around 10 basis points following... Read More »

Purchase Mortgage Activity Drops Despite Decline in Rates

Despite a drop in the average 30-year mortgage rate to a 4-month low, the seasonally adjusted volume of applications to secure a purchase mortgage loan for a home in the U.S. dropped 10 percent last week, pushing the year-over-year decline in purchase activity back over 40 percent, according to... Read More »

Pace of New Home Sales Down Over 26 Percent

Pace of New Home Sales Down Over 26 Percent

While the seasonally adjusted pace of new single-family home sales in the U.S. ticked up 2.3 percent last month to an annualized rate of 616,000 sales, the pace was 26.6 percent lower than at the end of 2021, 34.7 percent lower than at the end of 2020 and 15.7... Read More »

Office Vacancy Rate in Oakland’s City Center Ticks Over 34%

Office Vacancy Rate in Oakland’s City Center Ticks Over 34%

The office vacancy rate in the East Bay, not including Walnut Creek or further east, ticked up to 18.4 percent at the end of last year, roughly double the vacancy rate prior to the pandemic. In addition to 4.9 million square feet of un-leased space, the current vacancy rate... Read More »

Number of Homes for Sale in San Francisco Poised to Climb

Number of Homes for Sale in San Francisco Poised to Climb

The net number of condos and single-family homes listed for sale in San Francisco has started its seasonal climb, ticking up a little over 21 percent over the past two weeks and poised to climb. As such, listed inventory levels are starting the year around 20 percent higher than... Read More »

2022 Ended with Bay Area Employment Nearing Previous Peak

2022 Ended with Bay Area Employment Nearing Previous Peak

Having atypically dropped in October and November, the net number of people living in San Francisco with a paycheck increased by 5,900 in December to 566,700, ending 2022 with 23,000 more employed residents in the city there were at the end of 2021 and 88,000 more employed people than... Read More »

Benchmark Mortgage Rate Drops to a 4-Month Low, But…

Benchmark Mortgage Rate Drops to a 4-Month Low, But…

The average rate for a benchmark 30-year mortgage dropped 18 basis points (0.18 percentage points) over the past week to 6.15 percent, which is the lowest average rate in fourth months but still 250 basis points, or 73 percent, higher than at the same time last year; over 350... Read More »

Enough Empty Office Space for 160,000 People in San Francisco

Enough Empty Office Space for 160,000 People in San Francisco

As we outlined yesterday, the amount of vacant office space in San Francisco has just hit a new pandemic-era high of nearly 21 million square feet. For context, the 1,070-foot-tall Salesforce/Transbay tower at First and Mission, which is the tallest building in San Francisco, contains 1.35 million square feet... Read More »