This is the first time the Bay Area's median price has hit seven figures.
If San Francisco needs a new name in the zany plan to create six Californias, they might as well call it "Millionaireville."
According to DataQuick, the median home price in San Francisco in June hit the seven-figure mark for the first time. It was also the first time that any of the Bay Area-counties had hit the seven-figure median.
While good for sellers and brokers, the million-dollar mark is sure to fuel the growing class wars in the city over real estate. Many longtime renters are being displaced as values soar and rents jump. More traditional buyers are also being outbid by highly paid tech workers and overseas buyers who are paying all cash.
The Park Avenue apartment where the former first lady grew up is now listed for $44 million.
The art deco-style building was developed by the former first lady’s grandfather, and she lived in the apartment on the sixth and seventh floors of 740 Park Ave. while she was in elementary school.
Hedge fund investor David Ganek and his wife, a novelist, are selling the apartment following an insider-trading scandal at Ganek’s firm, the New York Post reported.
Despite the disappointing report, there were silver linings in permits and year-over-year trends.
Housing starts sank 9.3% last month to a seasonally adjusted annual pace of 893,000, the weakest showing since September 2013, the Commerce Department said Thursday.
It was the second-straight monthly drop and was driven by a nearly 30% decline in the South, the largest monthly decrease on record for that part of the country. Other parts of the U.S., however, posted increases.
More people ages 18 to 34 bought homes last year, according to the Census Bureau.
While still historically very low, homeownership among 18-to-34-year-olds increased last year, even as it declined for 35-to-54 year-olds, according to a report by Jed Kolko, chief economist at Trulia Inc., the online real-estate information company.
Kolko's analysis also says demographic changes among young adults, including delaying marriage and parenthood, account for nearly all of the declines in homeownership among young adults. Many of those changes, he says, were well underway even before the recession hit.
Here's help deciding which option works best for you to tap the equity your property has built.
Which makes the most sense?
The answer depends on:
- How much equity you have.
- How much you want to borrow.
- When you plan to repay the money.
- Whether you want a fixed or flexible term.
- The interest rate on your current mortgage.
The volume of home-loan applications slipped 5.3 percent this past week and are down 17 percent from the same period in 2013.
Total mortgage-application volume fell 3.6 percent on-week for the week ending July 11 on a seasonally adjusted basis, according to the Mortgage Bankers Association (MBA).
Applications to refinance were down 0.1 percent on week, while applications for home purchase loans dropped 8 percent to their lowest level since February 2014. Purchase applications are now 17 percent lower than the same week one year ago.
The builder-sentiment index topped 50, touching 'positive territory,' for the first time since January.
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While the rest of the country is aging, the median age is declining in these states.
Most of the country is rapidly getting older. There were 44.7 million Americans age 65 and older in 2013, up 3.6 percent from 2012. But not all areas of the country are aging at the same rate. In seven states the median age actually declined between 2012 and 2013, according to new Census Bureau data.
"The population in the Great Plains energy boom states is becoming younger and more male as workers move in seeking employment in the oil and gas industry," says John Thompson, director of the Census Bureau.
"The U.S. as a whole continues to age as the youngest of the baby boom generation enters their 50s."