Starting this March, we will be releasing our comprehensive market update through our email newsletters. Sign-up here and you’ll get them exclusively and for free! Read on for the summary of the report and get a peak of some of the tables found in our monthly newsletter.
Welcome to our March newsletter. This month, we examine how housing affordability in California may affect future demand by looking at housing affordability in relation to price, interest rates, and per capita income.
COVID-19 cases continue to decrease after peaking in January. The United States is administering nearly two million vaccinations a day, and projects it will be able to vaccinate all U.S. adults by the end of May. While the feeling of hope is palpable, COVID-19 will continue to affect how we live and work for quite some time. We expect demand for housing to remain high for years to come. Even as it becomes safer for people to interact in office settings, we anticipate that working remotely, even if not every day, is here to stay. With less uncertainty around the future, the period of all-time-low mortgage rates is coming to a close, which may boost demand even further over the next several months.
As we navigate an ever-changing economic landscape, we remain committed to providing you with the most up-to-date market information so you feel supported and informed in your buying and selling decisions.
In this month’s newsletter, we cover the following:
- Key Topics and Trends in March: The low supply of housing appears even smaller when considering only 27% of the population can afford to purchase a home. Mortgage rates are likely to remain historically low through 2021 but have begun to rise, which will affect housing affordability.
- March Housing Market Updates: Single-family home and condo prices have shown price stability. As inventory continues to decline, home prices will likely appreciate.
Here are some of the tables that are worth noting:
Housing Affordability Post-Great Recession
Greater Bay Area Median Home Price
Exclusive comprehensive report includes the following:
- connection between housing affordability and housing demand in California
- effects of rising mortgage rates
- comparison of home price in California, the average 30-year mortgage rate in the United States, and per capita income in California—against housing affordability in California
- comparison of North Bay Inventory, East Bay Inventory, Silicon Valley Inventory, and San Francisco Inventory
- and so much more!
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