Noticed some insane data today from the California Association of Realtors. Bay Area median home prices have skyrocketed in the last year. And much of the gains came in the last month. Check out the median prices of existing single family home sales in Alameda, Contra Costa, Marin, Napa, San Francisco, San Mateo, Santa Clara, [...]
A low supply of homes for sale has resulted in existing home sales falling in the West in January, according to NAR. Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 0.4 percent to a seasonally adjusted annual rate of 4.92 million in January from a downwardly revised 4.90 million [...]
Reflecting the tight inventory, high demand, and a changing mix of homes for sale, the median price of a bay area home shot up 27% in January. DataQuick reports: A total of 5,501 new and resale houses and condos were sold in the nine-county Bay Area last month. That was down 28.4 percent from 7,688 [...]
Typically the prices of goods change following a change in sales volume. When more people buy blue hoodie sweatshirts, there becomes a shortage and prices are squeezed higher. Manufacturers ramp up production. But then the fad is over, sales dry up, and the oversupply of blue hoodie sweatshirts is now on the clearance rack. In [...]
San Francisco real estate got off to a very hot start in 2013. Which is probably the only time you’ll hear the words “hot” and “San Francisco” in the same sentence until we have our first hot day of the year (anything above 80 degrees fahrenheit qualifies as hot in SF). As the chart below shows, we [...]
Everywhere you look, people are saying that housing is recovering. But exactly what is a housing recovery? Think about it… does a housing recovery mean a return to peak bubble home prices? Or peak number of existing home sales? Or peak new home sales? Or contribution to GDP? Does it even mean a return to [...]
Today’s Existing Home Sales report from the National Association of Realtors came in below expectations with sales falling roughly 1% from November to December. Most analysts are calling this a disappointing report, but Calculated Risk’s Bill McBride disagrees. Me? I think everyone is wrong. Total existing-home sales, which are completed transactions that include single-family homes, [...]
