The Golden State got another welcome housing inventory boost in October, with most Bay Area counties and Los Angeles posting annual improvements.
San Jose, San Francisco, and Los Angeles again had the most equity-rich homeowners in America in the third quarter, with nearly 90 percent of properties in one Silicon Valley community classified as such.
Although U.S. and Bay Area home price growth moderated from the second quarter to the third quarter, appreciation in the latter region's two largest cities continued to outpace the national rate.
Homes in California and the nine-county Bay Area were slightly more affordable than they were in the second quarter, though less than one-third of households meet the minimum income requirements to qualify for a mortgage. Meanwhile, affordability conditions in Los Angeles County trended in the opposite direction.
Nationwide, annual home price growth was the slowest in more than two years in the third quarter, but the Bay Area's two largest housing markets countered that trend, with appreciation higher than it was at the same time last year.
Buyers in East Bay and Silicon Valley communities snapped up homes quickly in the third quarter, although the Bay Area's fastest-moving market is a Contra Costa County city. Check out our latest analysis of the region's quickest-paced real estate markets.
Although the Golden State's tight housing supply situation improved again in September, rising mortgage rates and buyer sentiment that the market may be topping out conspired to hold back home sales.
Find out which Bay Area communities saw the highest home price gains from the third quarter of 2017.
As in the second quarter, the median home price in the third quarter of 2018 increased year over year in every Northern California region in which Pacific Union operates. Get all the latest market data, plus expert commentary from Pacific Union Chief Economist Selma Hepp in our latest quarterly real estate report.
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