Affordability in San Francisco is about to get even tighter, as several tech companies intend to launch their initial public offering (IPO) this year, and their newly enriched employees look to the Bay for new homes.
According to the latest Zillow analysis of market conditions, the current market cooldown is happening 30 of the 35 biggest U.S. metros. San Jose, Calif. is the fastest-cooling of those studied.
New analysis tracks the nation's hottest metros in February 2019, based on days on market, for-sale listing views online, median listing price and annual price growth.
New data from the Department of Commerce show that new-home sales in December 2018 posted a seasonally adjusted annual rate (SAAR) of 621,000, down 2.4 percent annually.
Interest rates ticked up slightly last week, tamping down mortgage application volume. Total volume dropped 2.5 percent over the previous week, and 2 percent annually, per the latest index data from the Mortgage Bankers Association.
The latest data from CoreLogic suggests that home prices will be heating up again. In January, home value growth was the slowest in seven years, up 4.4 percent annually.