As of the end of March 2022, the California Association of Realtors reported that housing sentiment remains steady. Other hot points include:
- The share of those who think it is a good time to sell inched up 3% points to 75% – the highest on record.
- Purchases of new single-family houses decreased in February for the 2nd consecutive month.
- Millennials (ages 23 to 41) are driving the housing market, accounting for nearly half of home sales.
- Baby Boomers made up the largest share of home sellers at 42%.
- California’s economy continues to expand, and hiring is ramping back up.
- Mortgage interest rates continue to move up: The average 30-year fixed-rate mortgage increased again to 4.42% according to the latest weekly Freddie Mac’s survey.
- Home sales, employment, unemployment claims, and market competitiveness remain robust, but rates have risen substantially, and mortgage applications have dipped below 2019 levels for the first time since the onset of the pandemic.
- Housing affordability for all Californians worsened amid skyrocketing home price growth.
Who Owns Homes In California
San Francisco Home Prices, Market Conditions & Trends
From Bay Area Market Reports in March 2022, the real estate market continues to be largely unfazed by rising interest rates and inflation, volatility in financial markets, and troubling developments in international relations. The prevailing dynamic continues to be one of high buyer demand and low supply of listings for sale. More details HERE.
Real Estate Market Is Solid
According to Norada Real Estate A+ accredited business, as of April 2022, the prediction for the coming year is a continued market of growth; no housing market crash is in sight just yet.
- The housing market is coming off a year in which home prices in the United States increased by an unsustainable 18.8% in 2021.
- Zillow predicts that the year-over-year rate of home price growth will hit 22% in May.
- According to another study, the total value of private residential real estate in the United States increased by a record $6.9 trillion in 2021, to $43.4 trillion.
- One of the most widely held housing market predictions for 2022 is that inventory will remain scarce but price appreciation will be slower than it was this year.
Big Business Coming Back in San Fran
- After two years in stasis, downtown San Francisco is coming back to life.
- Two dozen of the city’s largest employers have committed to March office returns.
- This includes finance giants Bank of America, JPMorgan Chase, Visa, and Mastercard.
- In the next month, Facebook and Google are mandating workers come back around three days a week, the strongest requirements since the pandemic erupted two years ago.
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