Almost one-third of the U.S. population now lives in an area where a six-figure income is necessary to afford a home purchase, and here in the Bay Area, buyers will need to earn quite a bit more than that to get a foot in the door.
America's housing market continues to see annual price appreciation, but gains are beginning to slow, driven in part by higher mortgage rates. Potential homebuyers in California and the Bay Area, however, are not seeing as much relief, with prices growing at roughly double the national average.
Golden State homeowners once again enjoyed the largest equity gains in the country in the second quarter, and that trend appears poised to continue, as California's is projected to lead the U.S. for annual home price appreciation by the summer of 2019.
A relatively affordable ZIP code in Alameda County ranks among the country's hottest real estate markets this year. Meanwhile, mortgage rates have climbed to a seven-year high. Read more in Pacific Union's latest weekly Real Estate Roundup.
Pacific Union Chief Economist Selma Hepp digs into the implications that Proposition 10 -- which would repeal the Costa-Hawkins Rental Housing Act -- would have on California housing markets.
Both the number of Americans who believe that the time is right to sell a home and those who think that the economy is headed in the right direction are at all-time highs as the third quarter ends, though qualifying for a mortgage worries a substantial portion of the population.
Although inventory has been improving modestly in the Bay Area over the past couple of months, it is still insufficient to meet demand, causing most homes in the San Francisco metropolitan area to sell for premiums this summer.
While most homebuyers are willing to sacrifice some amenities to gain access to top-performing schools, there are some features that are considered must-haves.
Check out this short animation, which offers highlights from an analysis of California's August jobs report by Pacific Union Chief Economist Selma Hepp.
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