Articles August 1, 2019

Real Estate News in the San Francisco Bay Area

Home sales shift to ‘neutral’

“Bay Area home sales swooned in June, tumbling to recession levels of a decade ago as buyers grew increasingly weary of skyhigh prices and scant choices.

Sales of existing homes in the Bay Area fell 13% last month from the previous year, according to real estate data firm CoreLogic. Last month’s sales were the lowest for June since 2008, when the real estate market collapsed and the U.S. economy dove into a deep recession.

Year-over-year sales dropped 14.6% in Santa Clara County, 21.6% in Contra Costa County, 14.9% in Alameda County, 8.9% in San Mateo County, and 21.7% in San Francisco County, according to a CoreLogic report released Friday.

“Across the board, prices have hit a point where people have stopped responding,” said Core-Logic analyst Andrew LePage. Despite lower interest rates and more homes for sale, transactions”

More here.

Mortgage rates near 3-year lows while 30-year average dips to 3.75%

“Long-term mortgage rates in the U.S. fell this week, nearing a three-year low.

The dip comes amid signals from Federal Reserve officials that they could cut the benchmark interest rate at their meeting next week.”

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Pruneyard Towers office complex in Campbell gets big new investor, fourth tower planned

“The Pruneyard Towers office complex has landed a new majority owner and an infusion of fresh capital, which will allow the launch of a wide-ranging upgrade to the three iconic towers as well as construction of a fourth tower, the principal developer of The Pruneyard “

More here.

The (nearly) impossible search for a cheap Bay Area home

“You can still find a $425,000 home — if you look hard enough” Seven years ago, for sale signs dotted suburban lawns and city streets, hot bidding wars were uncommon, and the typical single-family, Bay Area home sold for $425,000…but if you look hard enough, you can still find a home for $425,000 in the nine county Bay Area.”

More here.

If you or anyone you know is interested in buying, selling, investing or renting in the San Francisco Bay Area, I am happy to help. I am native San Franciscan, born and raised here in the Bay Area, and lived and own homes in 5 of the 9 counties. I would love to share my knowledge of the different areas and unique attributes of each community that make living here in Silicon Valley a world-class investment for you & your family’s future. Give me a call and let’s meet over a cup of tea & discuss your needs!

Cheers, Lynne