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Articles Filed Under: Real Estate Economics

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Pending Home Sales in San Francisco Continue to Drop

Despite a marked increase in inventory, which has been up over 30 percent on a year-over-year basis over the past two months, the number of single-family homes and condos in contract across San Francisco dropped another 8 percent over the past two weeks is now down 28 percent on... Read More »

Benchmark Mortgage Rate Drops Over Half a Point, But…

Benchmark Mortgage Rate Drops Over Half a Point, But…

Having hit 5.81 percent two weeks ago, which was the highest average rate since November of 2008 and above-average over the past 30 years, the average rate for a benchmark 30-year mortgage has since dropped 51 basis points (0.51 percentage points) to 5.30 percent with a 40 basis point... Read More »

Number of Homes for Sale in San Francisco Drops, But…

Driven by a typical slowdown in new listing activity prior to a holiday weekend, the net number of homes on the market in San Francisco (a.k.a “inventory”) dropped 10 percent over the past week and currently totals 1,200. That being said, with the pace of home sales in San... Read More »

Premium for Renting in San Francisco Is Ticking Back Up

Premium for Renting in San Francisco Is Ticking Back Up

Having hit $3,500 at the end of May, the weighted average asking rent for an apartment in San Francisco has since ticked up another 2 percent to $3,575 a month, which is 11 percent higher than at the same time last year and 17 percent ($525) above last year’s... Read More »

Purchase Mortgage Activity in the U.S. Down Over 20 Percent

Mortgage loan application volume in the U.S., which dropped to a 22-year low a few weeks ago, inched up 0.7 percent over the past week on a seasonally adjusted basis. In the absolute, however, mortgage application volume dropped 20 percent, driven by a 21 percent drop in applications to... Read More »

Index for Bay Area House Values Ticks up 2.2 Percent

Index for Bay Area House Values Ticks up 2.2 Percent

Having jumped a downwardly revised 4.3 percent in March, 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 – ticked up 2.2 percent in April for a year-over-year gain of 22.9 percent versus... Read More »

Pending Home Sales in the U.S. Inch Up, Drop Year-Over-Year

Pending Home Sales in the U.S. Inch Up, Drop Year-Over-Year

Having dropped 3.9 percent in April to a near decade low, the National Association of Realtors Pending Home Sales Index, a seasonally adjusted index for which 100 denotes “an average level” of activity, inched back up 0.7 percent in May to 99.9 but was down 13.6 percent on a... Read More »

Over Twice as Many Homes on the Market in S.F. Than in 2019

Over Twice as Many Homes on the Market in S.F. Than in 2019

Despite a slowdown in the number of homes that have been newly listed for sale over the past month, the net number of homes on the market in San Francisco, a.k.a “inventory,” has increased by double digits as the pace of sales has declined even more. As such, there... Read More »

Pace of New Home Sales in the U.S. Ticks Up, But…

Pace of New Home Sales in the U.S. Ticks Up, But…

Having dropped 12.0 percent in April, the seasonally adjusted pace of new single-family home sales in the U.S. increased 10.7 percent in May to an annualized rate of 696,000 sales.  That being said, the pace of new home sales last month was down 5.9 percent on a year-over-year basis... Read More »

Benchmark Mortgage Rate Crosses Its 30 Year Average

Benchmark Mortgage Rate Crosses Its 30 Year Average

Having inched up another 3 basis points (0.03 percentage points) over the past week to 5.81 percent, which is the highest average 30-year mortgage rate since November of 2008, the benchmark mortgage rate is now above its 30 year average for the first time in over two decades and... Read More »