Leave a Message

Thank you for your message. We will be in touch with you shortly.

Ascend Real Estate Market Minute

Manuel Solis April 1, 2021

Real Estate

Ascend Real Estate Market Minute

March 29, 2021

The public health numbers continue to improve as more economic data begins to roll in. After stumbling late last year, the state resumed its labor market recovery in March. Unemployment is now below 9% for the first time since the recovery began and even as rates have continued to rise, all signs are that buyer demand remains robust heading into the Spring homebuying season. Stimulus checks should register as healthy increases in consumer spending during the coming months and consumer sentiment reached its highest level since the recovery began as well. Still lots of healing ahead for California, but there was more progress in that direction last week.

Expecting Double-Digit Home Sales for March: Although the pace of growth in California home sales cooled in February, March is expected to post another double-digit increase. In part, weak sales during the second half of the month and into April and May will likely result in accelerated growth rates this year. In addition, the number of active listings has started to increase ever-so-slightly, which will enable more homes to enter the escrow process in coming months.

California REALTORS® Closing Out March on a Strong Note: In C.A.R.’s latest weekly survey, California agents reported ongoing strength in their business activity heading into the final week of March. The percentage of REALTORS® that did a listing appointment, put a new home on the MLS, or closed a transaction all jumped from the previous week and hit their highest levels since the start of the year. However, REALTORS® were also more pessimistic about listings moving forward, which appears to have impacted their expectations for home sales, which also declined. On the other hand, more REALTORS® now expect prices to continue rising.

California’s 7-Day Coronavirus Trend Dips Below 2,000 Last Week: The raw volume of new cases in the state dipped below 2,000 last week, while the 7-day moving average of cases (the state’s key target) dips to 2,700. That is the lowest level of new cases since October. In addition, the state’s vaccination program is progressing more quickly than originally anticipated. Though last week, nearly 16 million doses of vaccine had been administered, representing 27.2% of Californians that have now received their first dose.

Mortgage Applications Show COIVD Effects & Strong Demand: Despite rising interest rates, the number of new purchase applications increased 26% last week. That marks the 45th consecutive week of growth in mortgage applications and shows that buyer demand remains robust. Some of this exaggerated growth the market is currently experiencing is due to COVID and the significant decline during the same part of 2020, but the overall index remains at higher levels as well.

California Labor Markets Post a Strong Showing in February: Freshly released figures show that California added 141,000 new jobs to its nonfarm payrolls in February. This comes on the heels of a recent release that showed less jobs have been added back since the recovery began (1.07M vs. 1.16M), that job gains in December were revised to job losses and January lost jobs (145K), the reported unemployment rate was slightly higher in Q4-2020 (9.3% in Dec.), and the labor force showed more discouraged workers than originally reported. This makes February’s rebound even more significant, and encouragingly, unemployment dipped to 8.5% from 9.0% in January.

Mortgage Rates Jump as 10-Year Rises: Freddie Mac’s benchmark mortgage rate jumped to 3.17% driven, in large part, by 10-year Treasury rates, which are up from 0.55% in mid-2020 to 1.67% last week (and 1.83% pre-crisis). In addition, spreads have fallen below trend to 1.5% (the historical average is roughly 1.7%). This suggests that mortgage rates could potentially rise 30-40 basis points short-run, as the 10-year approaches its pre-crisis level and spreads return to historic norms. Over the longer term, rates could settle rough 90-100 basis point higher than that as inflation normalizes around the Fed target and economic growth accelerates.


Recent Blog Posts

Browse our blog posts to be in the know.

North Bay July '24 Real Estate Update Ascend RE

South Bay Peninsula July '24 Real Estate Update Ascend RE

East Bay July '24 Real Estate Update Ascend RE

San Francisco July '24 Real Estate Update Ascend RE

Los Angeles July '24 Real Estate Update Ascend RE

Los Angeles June '24 Real Estate Update Ascend RE

San Francisco June '24 Real Estate Update Ascend RE

East Bay June '24 Real Estate Update Ascend RE

South Bay Peninsula June '24 Real Estate Update Ascend RE

North Bay June '24 Real Estate Update Ascend RE

San Francisco May '24 Real Estate Update Ascend RE

Los Angeles May '24 Real Estate Update Ascend RE

East Bay May '24 Real Estate Update Ascend RE

South Bay Peninsula May '24 Real Estate Update Ascend RE

North Bay May '24 Real Estate Update Ascend RE

Upholding Equality: The Significance of the Fair Housing Act

Bay Area: Spring and Summer Gardening Guide

North Bay April '24 Real Estate Update Ascend RE

South Bay Peninsula April '24 Real Estate Update Ascend RE

East Bay April '24 Real Estate Update Ascend RE

Los Angeles April '24 Real Estate Update Ascend RE

San Francisco April '24 Real Estate Update Ascend RE

South Bay Peninsula March '24 Real Estate Update Ascend RE

East Bay March '24 Real Estate Update Ascend RE

San Francisco March '24 Real Estate Update Ascend RE

Los Angeles March '24 Real Estate Update Ascend RE

North Bay March '24 Real Estate Update Ascend RE

Spring 2024 Farmer's Market Schedule

San Francisco February '24 Real Estate Update Ascend RE

Los Angeles February '24 Real Estate Update Ascend RE

North Bay February '24 Real Estate Update Ascend RE

South Bay Peninsula February '24 Real Estate Update Ascend RE

East Bay February '24 Real Estate Update Ascend RE

San Francisco January '24 Real Estate Update Ascend RE

Los Angeles January '24 Real Estate Update Ascend RE

North Bay January '24 Real Estate Update Ascend RE

South Bay Peninsula January '24 Real Estate Update Ascend RE

East Bay January '24 Real Estate Update Ascend RE

San Francisco December '23 Real Estate Update Ascend RE

East Bay December '23 Real Estate Update Ascend RE

North Bay December '23 Real Estate Update Ascend RE

South Bay / Silicon Valley December '23 Real Estate Update Ascend RE

Los Angeles December '23 Real Estate Update Ascend RE

2023 HOLIDAY COOKIE DECORATING SOCIAL

South Bay / Silicon Valley November '23 Real Estate Update Ascend RE

Los Angeles November '23 Real Estate Update Ascend RE

East Bay November '23 Real Estate Update Ascend RE

North Bay November '23 Real Estate Update Ascend RE

San Francisco November '23 Real Estate Update Ascend RE

16 Terrifying Haunted Houses and Ghost Tours in the Bay Area

2023 Bay Area Holiday Schedule

Analysis: Homes Near Trader Joe’s Have Higher Values

North Bay October '23 Real Estate Update Ascend RE

East Bay October '23 Real Estate Update Ascend RE

South Bay / Silicon Valley October '23 Real Estate Update Ascend RE

Los Angeles October '23 Real Estate Update Ascend RE

San Francisco October '23 Real Estate Update Ascend RE

Live Work Play Here

For the month of June, we have supported LGBT Asylum Project, and are hosting this brunch in honor of all the great work this nonprofit does. Come join our teams for a… Read more

Hiring Licensed Real Estate Agents

Take your real estate career to the next level!

North Bay: January '23 Housing Update

What does 2023 have in store for the housing market?

San Francisco: January '23 Housing Update

What does 2023 have in store for the housing market?

San Francisco: March '23 Housing Update

Spring has sprung and the market is feeling a lot luckier!

East Bay: January '23 Housing Update

What does 2023 have in store for the housing market?

Move by HUD and FHA to provide greater homeownership opportunities

Have questions about the market? Our team is here to help and connect you to a lender.

Mortgage Rates Drop Prompts Buyer Demand

Mortgage Applications jump due to lowest rates since September

San Francisco Owners Required to Register Homes

March 1 Deadline for Rent Board Housing Inventory

Tenant Buyouts

What does it entail, and what does it mean for the residence owner going forward?  

Your Spring Guide to Bay Area Farmers’ Markets

Full Guide to 79 different farmers’ markets in San Francisco and beyond.

Los Angeles September '23 Real Estate Update Ascend RE

North Bay September '23 Real Estate Update Ascend RE

East Bay September '23 Real Estate Update Ascend RE

South Bay / Peninsula September '23 Real Estate Update Ascend RE

San Francisco September '23 Real Estate Update Ascend RE

The 12 most delicious new restaurants in the Bay Area

Summer is here, and so are the boozy slushies, all-you-can-eat tacos and double cheeseburgers

East Bay August '23 Real Estate Update Ascend RE

South Bay / Peninsula August '23 Real Estate Update Ascend RE

North Bay August '23 Real Estate Update Ascend RE

Los Angeles August '23 Real Estate Update Ascend RE

San Francisco August '23 Real Estate Update Ascend RE

San Francisco July '23 Real Estate Update Ascend RE

East Bay July '23 Real Estate Update Ascend RE

South Bay / Peninsula July '23 Real Estate Update Ascend RE

North Bay July '23 Real Estate Update Ascend RE

Los Angeles July '23 Real Estate Update Ascend RE

South Bay / Peninsula June '23 Real Estate Update Ascend RE

San Francisco June '23 Real Estate Update Ascend RE

Los Angeles June '23 Real Estate Update Ascend RE

North Bay June '23 Real Estate Update Ascend RE

East Bay June '23 Real Estate Update Ascend RE

Los Angeles May '23 Real Estate Update Ascend RE

North Bay May '23 Real Estate Update Ascend RE

South Bay / Peninsula May '23 Real Estate Update Ascend RE

East Bay May '23 Real Estate Update Ascend RE

San Francisco May '23 Real Estate Update Ascend RE

Los Angeles April '23 Real Estate Update Ascend RE

Check out our expert take on the busy Spring housing market

East Bay April '23 Real Estate Update Ascend RE

Check out our expert take on the busy Spring housing market

North Bay April '23 Real Estate Update Ascend RE

Check out our expert take on the busy Spring housing market

South Bay / Peninsula April '23 Real Estate Update Ascend RE

Check out our expert take on the busy Spring housing market

San Francisco April '23 Real Estate Update Ascend RE

Check out our expert take on the busy Spring housing market

South Bay / Peninsula: March '23 Housing Update

Spring has sprung and the market is feeling a lot luckier!

Let’s Talk

You’ve got questions and we can’t wait to answer them.