Home sales decline in San Francisco

San Francisco home sales dropped 13% during the first three months of 2019 compared with the same period last year. The median home price was $1.39 million at the end of March, down 1% from 2018.

Analysts attributed the decline to fewer homes over $2 million being sold. Home prices are expected to increase by 2% to 3% this year, down considerably from the double digit increases during the past few years,

A slow down in condo construction is also partly responsible for the decrease according to experts.

San Francisco: Where the Living is Healthy

San Francisco

According to a new analysis by WalletHub, San Francisco is the best city in the United States when it comes to maintaining a healthy lifestyle. Based on rankings in four categories: food, fitness, green spaces, and health care, San Francisco ranked number 1.

Overall, San Francisco came in first in healthy food and eating habits and No. 3 for green spaces and most running spaces.

Interestingly, nine of the ten healthiest cities in the country are in the West.

California Home Prices Have Risen 62.1 Percent Since 2012

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According to a new report from Black Knight Financial Services, California’s home price index (HPI) rose in 2016 to 481,000, a 6.7 percent increase over 2015 but still 8.1 percent below the May 2006 peak.

As of November, 2016, San Jose was the nation’s most expensive major housing market, with an HPI of $904,000 which is actually 1.5 percent below its May 2016 mark.

Since the low point, San Jose home prices have increased 78.9 percent, the second highest rate of appreciation in the country. San Francisco’s HPI in November was $771,000, making it the second priciest U.S. real estate market behind San Jose.

San Francisco: America’s Most Livable City?

San Francisco

A new study by WalletHub ranking 62 major U.S. cities over 300,000 ranks San Francisco No. 1 based on the criteria of livability, education, health and local economy/taxes. According to the study, San Francisco ranks first for overall health and No. 3 for overall education.

San Francisco is rated as having the second best job market. However, the city ranks in the bottom five for driving.

Apparently, “affordability” was not a ranking factor.

San Francisco Housing: Affordability Crisis or Housing Bubble?

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To those completely priced out of the San Francisco housing market – and there are many – it may seem like a question of semantics to ask if the city faces an affordability crisis or is in housing bubble. After all, median prices are now at $1 million but according to a recent forum sponsored by SPUR (formerly the San Francisco Planning and Urban Research Association) San Francisco does face an affordability crisis but is not in a housing bubble.

Interested in the distinction? San Francisco is the least affordable housing market in the country with just 14 percent of houses for sale affordable to middle-class buyers. Compare, for example, Oakland at 40 percent and San Jose at 34 percent.

A Housing bubble occurs when prices are high relative to what is considered normal for the area and here experts said homes are currently overvalued by 6 percent.

Still, no matter how you look at it: Affordability Crisis or Housing Bubble – a median price of $1 million is a lot of money.

SF’s 10K Affordable Housing Goal? Not Likely

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San Francisco Mayor Ed Lee’s goal of 30,000 new housing units by 2020 in the city is a real possibility but the chance that 10,000 of those units be affordable to low-income residents is not likely, according to a recent report in the San Francisco Business Times. To reach the 10,000 goal, all of the 4,575 units scheduled for rehabilitation in the city’s public housing complexes will have to be completed and more than 5,000 new affordable units will have to be built. This is not likely according to a civil grand jury report.

Sales of Luxury Homes in San Francisco at an All-Time High

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The San Francisco Chronicle is reporting that sales of luxury home in San San Francisco during the second quarter of 2014 was 291 more than double the pervious peak of 142 which was established in 2007. “Luxury” is defined as single-family homes with value of at least $2 million or condos selling for $1.5 million.

In contrast, total sales of all homes in san Francisco actually decreased with 1,498 being sold this year as compared to 1,593 sales in the second quarter of 2007. It was also reported that appreciation rates for luxury properties was greater than the average home increases.

Effort to Kill High-Rise Ballot in SF is Rejected by Court

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A legal challenge to Prop. B, which would allow voters to approve high-rise buildings that exceed height limits along the city’s waterfront has been rejected by a San Francisco Superior Court judge. The legal challenge stated the measure would intrude on the state’s jurisdiction and the Port Commission’s authority. It was underwritten in part by the San Francisco Giants who are proposing a major development along the water. An appeal may be forthcoming.