Real Estate Articles (2023)

Thursday, December 28, 2023

National Association of Realtors chief economist Lawrence Yun predicts 4.71 million existing homes will be sold, the housing market is expected to grow, and Austin, Texas will be the top real estate market to watch in 2024 and beyond. Yun unveiled NAR's forecast during the association's annual year-end "Real Estate Forecast Summit: The Year Ahead."

Thursday, December 28, 2023

California Association of Realtors vice president and chief economist Jodan Levine, who was a featured speaker at the recent Silicon Valley Association of Realtors general membership meeting, greeted members with a mildly optimistic outlook for 2024. Levine expects the current soft housing market to improve slowly in 2024 due to better mortgage interest rates, but don't expect the record low 3% mortgage interest rate to return anytime soon.

Friday, December 8, 2023

The holiday spirit surrounded members literally and figurately at today's Los Altos-Mountain View District Holiday Breakfast as the Mountain View High School Madrigals sang their repertoire of beautiful holiday and other contemporary songs for them.

Tuesday, November 21, 2023

Elevated mortgage rates, high home prices and limited housing inventory are making the dream of homeownership difficult for Americans, National Association of Realtors Chief Economist Lawrence Yun told Realtors attending the "2023 NAR NXT The Realtor Experience" conference and expo in Anaheim last week.

Tuesday, November 14, 2023

According to the California Association of Realtor's latest report, all-time high borrowing costs and rising home prices brought California housing affordability in the third quarter 2023 to the lowest level since 2007. Based on C.A.R.'s Traditional Housing Affordability Index, fewer than one in five (15%) homebuyers could afford to purchase a median-priced, single-family home in Q3 2023, down from 16% in the second quarter of 2023 and down from 18% in the third quarter of 2022. The third-quarter 2023 affordability is less than a third of the affordability index peak high of 56% in the first quarter of 2012.

Friday, September 15, 2023

Over 50 SILVAR members attended Wednesday's BBQ in the Park, hosted by the Cupertino-Sunnyvale District at Linda Vista Park in Cupertino. Members enjoyed good food from The Art of BBQ and each other's company in a perfect setting and great weather.

Friday, August 18, 2023

It has become unaffordable for many families to purchase a home in California. According to California Association of Realtors Traditional Housing Affordability Index, fewer than one in five (16%) homebuyers could afford to purchase a median-priced, single-family home in California in the second quarter of this year, down from 19% in the first quarter and down from 17% in the second quarter of 2022. Housing affordability in the state hit the lowest level in nearly 16 years as interest rates stayed above 6% for the third straight quarter and home prices remained elevated due to the low supply of homes for sale.

Friday, August 11, 2023

A new report from the National Association of Realtors found foreign buyers purchased $53.3 billion worth of U.S. existing homes from April 2022 through March 2023, falling 9.6% from the previous 12-month period. Foreign buyers purchased 84,600 properties, down 14.2% from the prior year. This was the least number of homes bought since 2009, when the national Realtor association began tracking this data.