December Update
Please note: this data is for November 2019
In November, the Federal Reserve reduced its benchmark rate for the third time this year. This action was widely anticipated by the market. Mortgage rates have remained steady this month and are still down more than 1 percent from last year at this time. Residential new construction activity continues to rise nationally. The U.S. Commerce Department reports that new housing permits rose 5% in October to a new 12-year high of 1.46 million units.
New Listings were down 35.8 percent for single family homes and 47.4 percent for Condo/TIC/Coop properties. Pending Sales increased 1.1 percent for single family homes and 3.2 percent for Condo/TIC/Coop properties.
The Median Sales Price was up 13.4 percent to $1,619,000 for single family homes but decreased 1.1 percent to $1,180,000 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 24.0 percent for single family units and 7.1 percent for Condo/TIC/Coop units.
While many economic signs are quite strong, total household debt has been rising for twenty-one consecutive quarters and is now $1.3 trillion higher than the previous peak of $12.68 trillion in 2008. While delinquency rates remain low across most debt types (including mortgages), higher consumer debt loads can limit future household spending capability and increase risk if the economy slows down.
San Francisco Condo/TIC/Coop Activity Overview
District 9: Central East Activity Overview
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