The housing market in the Bay Area is undergoing an amazing turn-around since January. The US Census Bureau projects 8,762 new building permits in the SF-Oakland-Fremont metro areas for the year 2012. Last year there was about 5,800 new building permits, thus we are looking at a projected 51% increase over 2011. With low interest rates, job growth, and pent up housing demand, we can expect to see more building in the greater Bay Area.
New Single Family homes in the US sales were at their highest level in nearly 2 1/2 yrs. The Commerce Department stated that sales increased 5.7%, the highest level since April of 2010. In April 2010 for those of you who don't remember we saw a sales increase due to the government's implementation of a tax credit for first-time home buyers.
You can read the Reuters report to get more information on US Housing sales.
It is currently a great time to invest in real estate in San Francisco if you can qualify for a loan or have cash.
Interest rates are historically at near their all time lowest rates.
Greg Bryan is a realtor and an attorney in San Francisco
For Blog information on unique properties and values click here on SF Values and Property Highlights.