Silicon Valley Real Estate Market News 3-30-2023
Here's the weekly round-up of news. Check it out, save it for later, and/or share it with your friends.
Housing data solidifies broad market recovery For the last three months, major market indicators, including contract signings, new construction and existing-home sales, have been turning positive. Full Story: REALTOR® Magazine (3/29)
Annual home price growth continues to moderate Year-over-year home price growth moderated for the ninth straight month in January, when the S&P CoreLogic Case-Shiller national home price index gained 3.8% from the prior year. Price growth was still strong in the Southeast, where Miami and Tampa posted double-digit year-over-year gains. Full Story: Reuters (3/28)
How to step up safety of bank accounts with expert tips Diversification among banks and accounts, open communication with bankers, and a schedule for regular review will add a layer of protection for small businesses' money, experts say. They also say regulators' willingness to step in amid recent turmoil demonstrates short-term safety for accounts. Full Story: The Associated Press (3/28)
Construction funding key to tackling housing shortage Nancy Owens of nonprofit Evernorth calls for "a steady and sustained funding source to build more housing" as a way to meet an ongoing imbalance between supply and demand. She also calls for changes to regulations in Vermont that impede certain types of housing development. Full Story: VTDigger (Vermont) (3/28)
Baby boomers edge out millennials as top buying force Older adults who have built equity over many years are in the best position to purchase homes in today's roller coaster market, NAR data shows. Full Story: REALTOR® Magazine (3/28)
Home value rise outpaces rent increases The rise in home values in recent years has widened the gap between what it costs to own versus rent a home. According to this analysis by the National Multifamily Housing Council, it costs $1,176 more monthly to buy. Full Story: CBS News (3/27)
Home Buyers and Sellers Generational Trends Since 2013, the National Association of REALTORS® has produced the Home Buyers and Sellers Generational Trends Report. This report provides insights into differences and similarities across generations of home buyers and sellers. The home buyer and seller data is taken from the annual Full Story: REALTOR® Magazine
CalHFA Launches California Dream for All Homebuying Program The California Housing Finance Agency (CalHFA) today launched its innovative California Dream For All Shared Appreciation Loan assistance program, which provides a loan for up to 20% of the home purchase price. Full Story: CalHFA
Market Update While home sales and employment in California continued to march forward in February, recent banking turmoil has increased uncertainty on many fronts, including the housing market. Despite declines in long-term yields, ongoing pressures in the financial system could cause smaller banks to tighten lending standards and may have an adverse effect on housing demand. The Fed, nevertheless, enacted its ninth rate hike since March 2022 but hinted there might only be one more to come before the end of the year. Mortgage rates, as a result, slid for the second consecutive week and reached their lowest level in a month. This has motivated many buyers to come off from the sidelines as mortgage applications increased for the third week in a row. Full Story: CAR Market Minute
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