Silicon Valley Real Estate Market Update 6/29/2023


 

Here's the weekly round-up of news. Check it out, save it for later, and/or share it with your friends. 



Survey: Buyers may pay more to live in walkable communities A new NAR survey shows consumers' preferences for neighborhood amenities. Use the findings to promote relevant items in your property marketing. Full Story: REALTOR® Magazine (6/27) 

 

Report: Apartment rents post year-over-year drop Apartment rents dropped 0.5% in May on a year-over-year basis, marking the first annual decline since early in the pandemic, according to Realtor.com. Still, housing costs continue to be a major factor in inflation, and it remains to be seen how rents will respond as a large amount of new supply comes to the market this year and in 2024. Meanwhile, Federal Reserve Chair Jerome Powell recently indicated that he expects to see normalization in the housing market. Full Story: The Washington Post (6/26) 

 

Fed stress tests expected to show banks' capital strength The Federal Reserve is scheduled on Wednesday to issue the results of its latest stress tests evaluating how the country's biggest banks would cope with a sharp downturn in the economy. Bank executives and analysts are expressing optimism that the Fed will conclude the 23 banks being assessed have sufficient capital to withstand a downturn. Full Story: Reuters (6/26) 

 

Regional, midsize banks move to sell loan portfolios Some regional and midsize banks are looking to divest loan portfolios to private lenders to shrink capital requirements and bring in more cash. Recent sales have involved commercial real estate, car and consumer loans, and specialty finance, with PacWest selling a $3.5 billion package of loans to private credit investor Ares. Full Story: Financial Times (6/27) 

 

Market Update Tight supply continues to put a drag on the market, resulting in fewer sales, high home prices, and low housing affordability. With rates remaining high relative to levels observed between 2010 and 2021, housing inventory in the resale market will remain low as long as the lock-in effect continues to prevent potential home sellers from putting their homes up on the market. Meanwhile, the housing supply shortage creates an opportunity for developers and residential constructions have been rising in recent months as a result. Despite more new homes being built in the first half of the year, the increase in home building activity at the national level has not led to a significant improvement in California housing supply and the constraint will likely remain in the short term. Full Story CAR Market Minute Write Up

 

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