Even while the pace of home price acceleration normalizes, housing has shown recent signs of ongoing strength. Both housing starts and future building permits are on the rise nationally. Inventory levels are increasing in most metro areas, driven higher by rising prices and more confident sellers. Homes are still selling quickly and for close to or even above list price.
In San Francisco new listings were down 16.2% for single family homes and 3.4% for Condo/TIC/Coop properties. Pending Sales increased 8.2% for single family homes but decreased 12.6 % for Condo/TIC/Coop properties.
The Median Sales Price was up 34.4% to $1,216,500 for single family homes and 10.0% to $950,000 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 13.6% for single family units and 17.4% for Condo/TIC/Coop units.
Interest rates remain attractive, even as Federal Reserve banter is finally hinting that quantitative easing is reaching its fateful conclusion. Capital markets have exhibited some volatility, but ultimately it’s all about earnings and growth, and corporate earnings have been encouragingly strong, while private job gains have recently exceeded expectations.
|October 2014||Median Price||Days on Market|
|Single-Family Homes||$1,216,500||29 Days|
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