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Articles Filed Under: Real Estate Economics

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Mortgage Rates Rocket Across the Board

Mortgage Rates Rocket Across the Board

The average rate for a benchmark 30-year mortgage jumped another 41 basis points (0.41 percentage points) over the past week to 6.70 percent, an average rate which is 123 percent higher than at the same time last year, 153 percent above last year’s all-time low, and the highest average... Read More »

Pace of New Home Sales Rebounds with Lower Prices

Pace of New Home Sales Rebounds with Lower Prices

Having dropped a downwardly revised 8.6 percent in July, the seasonally adjusted pace of new single-family home sales in the U.S. jumped 28.8 percent in August to an annualized rate of 685,000 sales, which is effectively even with the pace of sales at the same time last year but... Read More »

Biggest Drop in Bay Area House Values Since Early 2009

Biggest Drop in Bay Area House Values Since Early 2009

Having ticked down 1.3 percent in June, 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 – dropped 3.5 percent in July, representing the largest month-over-month decline for the index since the first... Read More »

Designer Mint Plaza Loft Now Listed Below Its 2011 Price

Designer Mint Plaza Loft Now Listed Below Its 2011 Price

Purchased for $1.4 million near the top of the previous market cycle in the fourth quarter of 2007 and then upgraded with a new kitchen, custom cabinetry, lighting and other designer finishes in 2008, the upgraded 2,000-sqaure-foot, two-bedroom loft #502 in the converted Hales Warehouse building at 2 Mint... Read More »

Inventory Levels Continue to Climb in San Francisco

Having already jumped by 25 percent over the two weeks prior, the net number of homes on the market in San Francisco (i.e., inventory) has since ticked up another 4 percent to 1,470. As such, there are now over 20 percent more homes on the market in San Francisco... Read More »

Price Reductions Tick Up in S.F., Price Per Square Foot Down

Driven by a pronounced slowdown in the pace of sales and rising inventory levels, the percentage of homes on the market in San Francisco with an asking price that has been reduced at least once has ticked back up two (2) points over the past week to 30 percent,... Read More »

Average 30-Year Mortgage Rate Hits 6.29 Percent, Still Not “High”

Average 30-Year Mortgage Rate Hits 6.29 Percent, Still Not “High”

Measured prior to yesterday’s announcement of another 75 basis point hike by the Fed, the average rate for a benchmark 30-year mortgage had already climbed another 27 basis points (0.27 percentage points) over the past week to 6.29 percent. At 6.29 percent, the average 30-year rate is now 118... Read More »

Existing Home Sales Down 20 Percent, Median Price Drops

Existing Home Sales Down 20 Percent, Median Price Drops

Having dropped 5.9 percent in July, the seasonally adjusted pace of existing-home sales across the U.S. slipped 0.4 percent in August to an annual rate of 4.80 million sales, which was 19.9 percent lower than at the same time last year; the thirteenth straight month with a year-over-year decline;... Read More »

Purchase Mortgage Application Volume Now Down 30 Percent

While mortgage loan application volume to purchase a home in the U.S. ticked up one (1) percent on a seasonally adjusted basis over the past week, it continued to tick down on a year-over-year basis and was 30 percent lower than at the same time last year, according to... Read More »

Number of Homes for Sale in San Francisco Has Jumped

Number of Homes for Sale in San Francisco Has Jumped

Driven by a pronounced slowdown in the pace of sales, the net number of homes on the market in San Francisco (i.e., inventory) has jumped by 25 percent over the past two weeks to 1,410, which shouldn’t catch any plugged-in readers by surprise. In fact, there are now 20... Read More »