Despite the state's thin supply of housing, wage growth helped boost affordability ever-so slightly in the first quarter, while there was little relief to be found for Bay Area home shoppers.
The Golden State's median home price climbed to a height not seen since the previous housing boom in April and is likely to keep rising, further squeezing already tight affordability conditions for the rest of the year.
Homebuyers were active across the country in the opening months of 2017, further depleting inventory and pushing prices higher. Major Bay Area housing markets were among those to see annual price appreciation, and they remain the nation's most expensive.
Bay Area home sales dipped from March to April, which is not consistent with typical seasonal patterns. Pacific Union Chief Economist Selma Hepp examines the latest numbers and trends in a new Straight Talk column.
The tech industry is driving luxury real estate prices in cities such as San Francisco, although even expensive U.S. markets remain a bargain by global standards -- particularly China.
Bay Area real estate markets are having a strong spring showing, as April's median sales price for single-family homes set or tied a one-year high in Contra Costa County, the East Bay, Marin County, Napa County, San Francisco, and Silicon Valley. Stay up to date on the latest market statistics of note with Pacific Union's April Real Estate Update.
U.S. home sellers pulled in the biggest gains in nearly a decade in the first quarter of 2017, with Bay Area and California markets leading the pack.
April 20, 2017 • Posted in Home Sales Volume & Inventory Conditions
After a particularly rainy January and February, Bay Area home sales jumped in March as the region dried out a bit, although low inventory and the consequent affordability conditions are likely to stifle activity as the year progresses.
Sales volume in the Bay Area saw a bigger-than-usual spike from February to March, promising a strong spring season. Pacific Union Chief Economist Selma Hepp examines the latest trends across the region and in individual counties.
April 18, 2017 • Posted in Pacific Union Quarterly Reports
The median home sales price increased in all of Pacific Union's regions on an annual basis in the first quarter of 2017. Get the latest market statistics, plus commentary from Pacific Union Chief Economist Selma Hepp, in our first-quarter real estate report.
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