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September 2019
 
 
 
 
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Q2 2019 Home Price Appreciation Results

 

The Federal Housing Financing Agency (FHFA) just released Q2 2019 home price appreciation findings on August 27, 2019.  The results are favorable not just for all of us in the Bay Area but across the nation, keeping optimism in housing alive!

Let’s first review significant price findings between Q2 2018 to Q2 2019*: 
As a whole, housing across the board in the U.S. posted positive, stable gains.

National

 â€¢ 

On average, prices across the U.S. were up 5% 

 â€¢ 

Prices were up in all 50 states year over year (YOY).

 â€¢ 

Prices rose in all 100 of the largest metropolitan areas 

 â€¢ 

Prices have risen for 32 consecutive quarters across the nation. 

Regional and Local

  

The Pacific Region posted an increase of 4.1% year over year

 â€¢ 

Represented additional gain after 7.7% appreciation in 2018 from 2017.

 â€¢ 

Also resulting in a 215.43% increase since 1991.

  

California posted an increase of 4.4% year over year

 â€¢ 

5 year gain = 38.85%

 â€¢ 

190.84% increase since 1991

California’s Statistically Significant Metropolitan Area (MSA) Findings
Data surrounding purchase only metrics (versus purchase and refinance data used to calculate the home price indices above) showed that California as a whole, Northern and Southern, had positive growth.  Of California’s 11 statistically significant MSAs, those in the immediate Bay Area had the highest and most powerful 5 year appreciation as well as growth since 1991.

Statistically Significant MSA

1 Year

Quarter

5 Year

Since 1991

Northern CA

 

 

 

 

Bakersfield

3.84%

0.02%

19.72%

102.15%

Fresno

4.31%

1.50%

35.48%

142.69%


Oak-Berkeley-Livermore (Alameda & CoCo Cty)

2.70%

1.47%

48.94%

266.59%

Sacramento-Roseville-Folsom

4.06%

1.04%

43.26%

157.61%

SF-SanMateo-Rdwd City (includes Marin)

3.81%

2.02%

60.15%

379.16%

San Jose-Sunnyvale-Santa Clara

2.41%

1.28%

48.75%

313.75%

Stockton

4.91%

1.26%

46.97%

139.47%

Southern CA

 

 

 

 

LA-LongBeach-Glendale

4.13%

1.81%

39.88%

208.70%

Oxnard-Thousand Oaks-Ventura

0.47%

0.18%

25.07%

181.96%

Riverside-SBernardino-Ontario

3.92%

0.65%

37.45%

156.63%

SDiego-ChulaVista-Carlsbad

2.81%

1.49%

34.09%

232.90%

Even while fears of a recession begin to grow, economists believe that housing will be ok, noting that housing is in a much stronger position than the ’08 recession, and that any current recession ought not to mirror that of ’08 in most ways.**

With the tremendous tightening of laws and scrutiny around the mortgage and lending industries, borrows are more qualified and equity is higher.  Any downturn in the industry would likely equate to inventory for sale – giving life to a constrained inventory market – rather than leading to distressed properties going into foreclosure.  Moreover, hints of another Federal Reserve rate cut in September will make mortgage rates even more attractive and enable Buyers to purchase and realize dreams of homeownership.

* All data derived from the FHFA HPI News Release, August 27, 2019
** National Association of Realtors Economist Commentary, August 27, 2019

 

 

 
 
 
 

The Perks of Buying a Home in the Bay Area in Fall or Winter

 

Let’s start with the most obvious point: the Bay Area housing market can be intimidating, and that’s especially true for homebuyers. Determined by buyer demand in both the general and luxury markets, homes sell quickly here and almost always for more than their listing price. In this guide, we’re looking specifically at the homebuying process during the fall and winter seasons, often referred to across the country as the slow season.

However here in the Bay Area, the seasonal pattern during fall is dramatic. The number of listings and sales hit a peak—often even higher than the summer peak—after Labor Day and through mid-November. Afterward, both numbers tend to dip into valleys through December, January and February. So for buyers this typically means having fewer listings to choose from during the winter months, but make no mistake, there are still plenty of perks to take advantage of as well. So, to learn a little bit more about housing market seasonality in the Bay Area and what it means to be a buyer during the fall and winter, click here.

 
 
 
 

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Marla Moresi-Valdes

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