All of us at Pacific Union would like to wish you a very happy and safe Thanksgiving holiday.
David Barca, Pacific Union’s vice president of our Silicon Valley region, offers his perspective on several trends impacting the region’s superheated housing market.
Although unemployment rates rose across the Bay Area from September to October, our region remains California’s job-growth leader and was responsible for nearly half of the state’s gains last month.
Recent news of interest to homebuyers, home sellers, and the home-curious includes news that Generation Xers will buy more homes over the next three years than will millennials. Also, you might not believe it, but San Jose has been named as one of the U.S. cities where workers can stretch their salaries the furthest.
Home price growth should normalize throughout the Bay Area over the next three years, though demand is likely to remain high based on our region’s economic strength. Get high-level takeaways from Pacific Union’s economic and real estate forecast for 2018, which was presented in partnership with John Burns Real Estate Consulting.
Sales volume across the Bay Area was down on both a monthly and annual basis in October, as affordability conditions kept many hopeful buyers from entering the market. And Napa County homebuyers are getting some relief this fall, as inventory expanded substantially in October.
Bay Area home shoppers who have been considering buying a property in one of our region’s more suburban communities might want to sit up and take notice, as affordability in some places has dropped significantly from last year due to increased competition and rising prices.
Recent news of interest to homebuyers, home sellers, and the home-curious includes a report that seven communities in — you guessed it — Silicon Valley rank among the nation’s 10 most expensive housing markets. In Mountain View, meanwhile, up to 9,000 proposed housing units will help ease the region’s affordability issue, if they ever make it through all the red tape.