Chuck Barberini Real Estate

  Latest Market Data and Predictions The Bay Area housing market, a trendsetter in California and often a bellwether for the national market, has entered an interesting phase. While headlines might paint a picture of a red-hot market fueled by ever-increasing prices, a closer look reveals a more nuanced story. Let's delve into the current trends of home sales, prices, supply, and the overall market direction. Trends in the Bay Area Housing Market Home Sales: A Bumpy Ride with a Positive Start Spring, traditionally a busy season for homebuyers, seems to be off to an encouraging start in the Bay Area. The data for April 2024 shows a significant increase in sales (25.5%) compared to the same period last year, according to C.A.R. This suggests a renewed interest from buyers who might have been waiting on the sidelines in the previous quarters. However, a month-over-month comparison reveals a different story. Sales dipped slightly (4.1%) compared to March 2024, indicating a possible ret...

  A new Redfin report shows younger Americans were most likely to take out mortgages in 2023, with the lion’s share going to buyers under 35 (39.7%) and buyers aged 35-44 (26.5%). A new Redfin report shows younger Americans were most likely to take out mortgages in 2023, with the lion’s share going to buyers under 35 (39.7%) and buyers aged 35-44 (26.5%). That’s according to Redfin’s analysis of Home Mortgage Disclosure Act (HMDA) data on last year’s primary home purchases. As for the rest of the year’s total mortgages: 16.1% were issued to buyers in the 45-54 age group 10.8% to buyers aged 55-64 5.4% to buyers aged 65-74 That breakdown of homebuyers by age hasn’t changed much over the last five years. Buyers of younger generations are still more likely to take out a mortgage, for several reasons. Millennials and Gen Zers are aging into homeownership. The median age of first-time homebuyers in the U.S. is 35. Homeownership becomes financially feasible for buyers in their 20s and 30...

  The median down payment in the first quarter of 2024 was $26,000—an average of 13.6% down, according to Realtor.com’s latest down payment report. Based on its analysis of down payment trends at the national, state, and (top 100) metro levels, down payments have climbed three percentage points (roughly $12,000) from the first quarter of 2023. And while they’ve fallen from the record high set in Q3 2023,  down payments  are still well above pre-pandemic levels. Buyers put 87.8% more as a down payment in Q1 2024 ($26,400) than they did in Q1 2020 ($14,000). The current housing market’s overall unaffordability has an impact on who is buying homes right now. Given persistently high home prices and elevated mortgage rates, many of today’s purchasers are likely either high-earners or repeat buyers leveraging existing home equity to use as a down payment, and this may explain why down payments have dipped but remained relatively high.  Danielle Hale -  Realtor.com Chi...

  A new report from Redfin highlights a housing market situation that hasn’t happened in almost two years: home prices are not falling in any of the 50 most populous U.S. metro areas.  During the four weeks ending April 28, 2024, the median home sale price in all these metros increased year over year or stayed flat. The last time that happened was in July 2022.  Meanwhile, the national median sale price climbed 4.8% year over year to a near-record $383,188. And as mortgage rates remain above 7%, homeowners without a need to move who are locked into much lower rates are more likely to stay put.  For potential buyers, high home prices and mortgage rates have driven the median monthly housing payment up 15% year over year to a record $2,890. Metros driving that home price increase are mainly affluent urban hubs, with a pair of more affordable metros thrown in.  Metros with the biggest annual home price increases: Anaheim, CA (22.8%)  Detroit (14.9%) San Jose, ...