San Francisco Real Estate - Residential

Fast Facts from CAR and Freddie Mac - February 2008

California Association of Realtors just released its report for February real estate activity.

Calif. median home price - February 08: $409,240 (Source: C.A.R.) (note: compared to $430,370 last month)

Calif. highest median home price by C.A.R. region February 08: Santa Barbara So. Coast $1,295,000 (Source: C.A.R.) (note: compared to $1,135,000 last month)

Calif. lowest median home price by C.A.R. region February 08: High Desert $220,380 (Source: C.A.R.) (note: compared to $234,310 last month)

Calif. First-time Buyer Affordability Index - Third Quarter 2007: 33 percent (Source: C.A.R.) (note: compared to 24 percent second quarter 2007)

Mortgage rates - week ending 03/20:

• 30-yr. fixed: 5.87%; Fees/points: 0.5% (note: compared to 5.48% and 0.4% points last report)
• 15-yr. fixed: 5.27%; Fees/points: 0.5% (note: compared to 4.95% and 0.4% points last report)
• 1-yr. adjustable: 5.15%; Fees/points: 0.8% (note: compared to 4.99% and 0.6% points last report)- California Association of Realtors & Freddie Mac

- California Association of Realtors & Freddie Mac

As you can see from the numbers above, our industry took a hit in February, but judging from our weekly reports for March, I believe we will see a bounce back this month.

Mortgage rates are higher from our previous, even though the stimulus package was passed and the Fed cut interest rates, which indicates that the lenders had already priced in these expected changes.

Check our monthly sales updates to compare San Francisco real estate prices versus the state of California as a whole! We also provide weekly updates on this blog as well as our website.

Remember, on March 14 San Francisco was named a "superstar" city with regard to real estate by the San Francisco Chronicle. A pleasant surprise, indeed!

- Janis Stone

posted by SFResidence.com @ 7:31 AM