Articles Filed Under: Real Estate Economics

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Bay Area Employment Is Actually on the Decline

Bay Area Employment Is Actually on the Decline

Having dropped to a record low of 1.9 percent in May, the unemployment rate in San Francisco inched up to 2.3 percent in June as the number of people living in the city with a paycheck fell by 3,400 to 565,800, which is down by 9,600 since February’s record... Read More »

Mortgage Rates Inch up Along With the Odds of an Earlier Easing

Mortgage Rates Inch up Along With the Odds of an Earlier Easing

Having dropped to 3.73 percent at the end of last month and bouncing around a 32-month low, the average rate for a 30-year mortgage inched up 6 basis points over the past week to 3.81 percent but remains 113 basis points (1.13 percentage points) below its mark in the... Read More »

U.S. Housing Starts Slip, Permit Activity Drops to a Two-Year Low

The annual pace of new housing starts in the U.S. slipped 0.9 percent from May (1.265 million units) to June (1.253 million units) but remains 6.2 percent higher versus the same time last year (1.180 million units) with the pace of construction for structures with five or more units... Read More »

Reductions on the Rise as Pace of Home Sales Drops in SF

Reductions on the Rise as Pace of Home Sales Drops in SF

While the number of homes listed for sale in San Francisco hit a seasonal peak last month, inventory levels ticked up 12 percent over the past post-holiday week to 650, which is even with the same time last year. At the same time, the percentage of active listings in... Read More »

Benchmark Mortgage Rate Holding at a 32-Month Low

Benchmark Mortgage Rate Holding at a 32-Month Low

The average rate for a 30-year mortgage has been holding at around 3.75 percent over the past two weeks, which is down 119 basis points (1.19 percentage points) since the fourth quarter of last year, down 78 basis points on a year-over-year basis and is effectively the lowest 30-year... Read More »

Pace of Home Sales in San Francisco is Still Down

While some segments are doing better and others worse, the overall pace of home sales is still down in San Francisco. In fact, recorded sales in the first half of the year will be lower on a year-over-year basis. And despite some reports to the contrary, sales in the... Read More »

Asking Rents in San Francisco and Oakland Inch Up

Asking Rents in San Francisco and Oakland Inch Up

The weighted average asking rent for an apartment in San Francisco, including one-off rentals as well as units in larger developments, has inched up to around $4,280 per month, which is roughly 1 percent above its mark at the same time last year but still 4 percent below its... Read More »

Pace of Home Sales in San Francisco Continues to Drop

Having turned negative in mid-May, which led to an effective push in recorded home sales for the month, actual contract activity in San Francisco (versus anecdotal reports of “open house traffic”) has dropped over the past month and is currently running 10 percent lower versus the same time last... Read More »

Developer Seeks Concessions to Build Shorter Than Allowed

Developer Seeks Concessions to Build Shorter Than Allowed

Plans to level the two-story industrial building at 560 Brannan Street, adjacent to an already approved major development and across the street from the San Francisco Tennis Club site, are in the works. And while the parcel is zoned for development up to 130 feet in height along Brannan,... Read More »

Bay Area Home Sales and Median Price Are…Down

Bay Area Home Sales and Median Price Are…Down

Following a trend which shouldn’t catch any plugged-in readers by surprise, while the number of single-family homes and condos that traded hands across the greater Bay Area increased a seasonally driven 18.9 percent from April to May, total sales (8,310) were down 2.7 percent on a year-over-year basis. And... Read More »