Existing Home Sale Report for the Month of August

Existing-home sales in the Northeast, the Midwest, and the South have registered second consecutive month of growth, says the National Association of Realtors’s (NAR) housing stat. Only the West has exhibited a decline in the number of existing homes sold in August. Total existing-home sales (single-family homes, townhomes, co-ops and condos) rose from 5.42 million in July to 5.49 million in August (calculations based on seasonally adjusted annual rate). Year-over-year overall sales have seen a spike of 2.6%. Despite looming economic certainty, buyers are finding the prevailing interest rates irresistible, if the statement…continue reading →

As Demand Cools Down, Housing Inventory Shoots Up in the Bay Area

There is an interesting insight into the homes on the market in the South Bay area. For the Santa Clara County, between the years 2014 and 2018, 90 out of 100 homes on the market in April and first half of May got sold. Compare this to 2019, when for the same period, only 33 out of 100 homes on the market sold. We are talking a drop of some 63%. No mean stat! Just goes on to prove that buyers have become choosy. They are not averse to waiting and while it…continue reading →

Top 10 Housing Markets for Millennial Home Buyers; TX Takes Top 3 Spots

Flamboyant, fast, and with a fleeting focus! This was the stereotype associated with Millennials about a decade ago. Not that they cared! A decade has rolled by, and today, the Millennials’ pilot batch is closing on its 40thyear. Naturally, Generation Y has sobered down a lot. This explains why the largest living generation of our times is looking seriously into home ownership. Their voice is growing in the housing sector and they are making a higher and higher percentage of the First Home Buyers. Gen Y makes up for 45% of new mortgages,…continue reading →

My 2019 Predictions for Mortgage Rates, Home Prices, and Stock Market

"It's tough to make predictions, especially about the future" - Yogi Berra And when it comes to predicting Stock Markets, Home Prices, and Mortgage Rates, well, it becomes tougher.  All three are impacted by such myriad of geopolitical and economic news and the emotions resulting from them that it's virtually impossible to foresee all of the variables at the beginning of the year. With that caveat, let's dive into where we are at the beginning of the year and where we are heading or at least where I think we are heading. 2019 Dynamics…continue reading →

Is the Real Estate Market Changing in the Bay Area?

Only time will tell if the summers’ slowing sales in California are a momentary pause or a sign of a permanent change in the market. According to the latest data provided by CoreLogic, home sales barely increased for July 2018 above July 2017, following two months of lower home sales. The slowing volume of sales does not, however, mean that housing prices have dropped. In California, home prices are volatile from month to month, with July 2018 prices dropping 0.8% over June 2018. However, when compared year to year, prices are up, and…continue reading →

California Home Buying Affordability Index Drops to a 10-Year Low

Are California homebuyers getting squeezed out of the state? In early August, the California Association of Realtors (CAR) released its’ housing affordability index for the second quarter of 2018. The major takeaway offered by CAR in the report is that the combination of increasing housing prices and rising mortgage rates have reduced the home buying affordability in the state to the lowest level in 10-years. In the first quarter of the year, 31% of California homebuyers could afford a home in the state, but by the end of the second quarter, it fell…continue reading →

What to Do in a Changing Real Estate and Mortgage Market

As if the shortage of homes for sale wasn't severe enough, now rising interest rates are making the spring buying season extra challenging across the nation. The latest analysis and forecasting of market information by organizations such as National Association of Realtors (NAR), the St. Louis Federal Reserve, and Realtor.com highlights the shortage in inventory. Meanwhile, the California Association of Realtors (CAR) is reporting some good news in California. Read on to get the latest data, but don't take it all as a sign that you should abandon your plans to buy or…continue reading →

California Median Home Price by County

The median home price in California has reached its highest level since 2007, coming in at $522,440 for February 2018 (data compiled by the California Association of Realtors - CAR.) That's an 8.8% increase, year to year, from February 2017, when the median home price in the state was $480,270. The peak of the market for California came in May of 2007 when the median home price was $594,530. According to CAR  "year-over-year price gain has been growing at or above 7 percent for eight of the past nine months." Get Pre-Approved for…continue reading →

What’s Really Going On With the Housing Market?

The fall 2016 home buying season is in full swing with winter -  and 2017 - quickly approaching. Like most, we start our next year housing hypothesis late-summer of the prior year. With 16+ months of 2016 housing and mortgage prognostication in the books - I’m feeling more and more like a broken record. Inventory. Inventory. Inventory. Get Pre-Approved to buy a Home So, let’s see if this is yet another inventory post shall we? Spoiler Alert - yep, it is more inventory although with a twist that we’ve been predicting and wanting…continue reading →

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