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Articles Filed Under: Real Estate Economics

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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 »

The Fed Abides, Hikes Rates Another 75 Bips

As projected, the Federal Reserve has just announced another rate hike of 75 basis points or three-quarters of a percent for federal funds, its second 75 basis point hike in as many months, which was an unprecedented move. As we foreshadowed at the end of last year, the higher... 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 »

Pending Home Sales in San Francisco Down Over 30 Percent

As we outlined earlier this week, the recent decline in listed inventory levels in San Francisco is being driven by a slowdown in new listing activity versus an increase in sales. And in fact, despite the fact that listed inventory levels in San Francisco have been up over 30... 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 »

Bay Area Employment Slipped Last Month, the Labor Force Too

Bay Area Employment Slipped Last Month, the Labor Force Too

Having inched up by an upwardly revised 1,800 in May, the net number of people living in San Francisco with a paycheck slipped by 3,000 in June to 553,800. And while it was a relatively minor move last month, keep in mind that employment typically ticks up in June.... 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 »