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Articles Filed Under: Real Estate Economics

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Number of Homes for Sale in San Francisco Inches Up, Sales Too

The net number of homes for sale in San Francisco inched up another two (2) percent over the past week to a little over 1,200, representing the most active inventory on the market since the fourth quarter of last year, 20 percent more inventory than there was at this... Read More »

New Home Inventory Up 32 Percent in the U.S., Sales Down

New Home Inventory Up 32 Percent in the U.S., Sales Down

While the seasonally adjusted pace of new single-family home sales in the U.S. ticked up 1.5 percent in August to an annualized rate of 740,000 sales, the current pace of sales is over 24 percent lower than at the same time last year, down 25 percent since the start... Read More »

Expectations for a Rate Hike Have Accelerated

Expectations for a Rate Hike Have Accelerated

Having cited an ongoing public health crisis (i.e., the pandemic) that “will continue to weigh on economic activity, employment, and inflation in the near term, and poses considerable risks to the economic outlook” at the end of last year, the dot plot of Federal Open Market Committee (FOMC) participant’s... Read More »

Pace of Existing Home Sales in the U.S. Drops

Pace of Existing Home Sales in the U.S. Drops

Having ticked up in July, the seasonally adjusted pace of existing-home sales across the U.S. dropped 2.0 percent in August to an annual rate of 5.88 million sales and was down 1.5 percent on a year-over-year basis, representing the first year-over-year decline in the pace of sales since July... Read More »

Purchase Mortgage Activity Down 17 Percent for New Homes

While purchase mortgage application volumes for new home purchases across the nation ticked up 9 percent from July to August, application volumes were down 17 percent on a year-over-year basis, according to the Mortgage Bankers Association and despite the fact that there were over 26 percent more new homes... Read More »

Number of Homes for Sale in San Francisco Ticks Up

Number of Homes for Sale in San Francisco Ticks Up

Having jumped last week with the most new listings in over 15 years, which shouldn’t have caught any plugged-in readers by surprise, the net number of homes for sale in San Francisco (i.e., inventory) has since ticked up another 11 percent to 1,180. While inventory levels in San Francisco... Read More »

Bay Area Employment Slipped Last Month

Bay Area Employment Slipped Last Month

Having jumped by (a downwardly revised) 11,600 in July, the number of people living in San Francisco with a paycheck (529,600) slipped by 2,200 in August. But with 3,700 people having left the labor force, the unemployment rate actually inched down to 5.0 percent. And while there are still... Read More »

Benchmark Mortgage Rate Inches Down

Benchmark Mortgage Rate Inches Down

The average rate for a benchmark 30-year mortgage inched down 2 basis point (0.02 percentage points) over the past week to 2.86 percent, which is effectively even with the prevailing average rate at the same time last year (2.87 percent) and within 21 basis points of its all-time low.... Read More »

Purchase Mortgage Activity in the U.S. Only Down 12 Percent

Mortgage loan application volumes to either purchase or refinance a home in the U.S. dropped 10 percent in the absolute over the past week but inched up 0.3 percent on a seasonally/holiday adjusted basis, according to the Mortgage Bankers Association. And while purchase mortgage activity was down 12 percent... Read More »

Apples-To-Apples for a High-End Pacific Heights Condo

Apples-To-Apples for a High-End Pacific Heights Condo

Purchased for $2.8 million, or roughly $2,113 per square foot, in May of 2017, the two-bedroom, two-bath unit #503 in The Pacific at 2121 Webster Street returned to the market priced at $3.295 million this past August. The 1,325-square-foot unit features “high ceilings, custom light fixtures, power-operated shades, air-conditioning,... Read More »