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Posts Related to Chief Economist Selma Hepp

Housing Market Breathes Post-Election Sigh of Relief

A split Congress will add a dose of stability amid already strong economic fundamentals U.S. voters handed home sellers and buyers—regardless of their political persuasion—a double shot of stability on Tuesday. Research has shown that home sales tend to spike following elections as political clarity is restored, at least in the short-term. Now, add to that the Democratic takeover in the House in January, and ...more

San Francisco Luxury Homes Outperform General Market

Sales of $3 million-plus homes increased 25% in September as the overall market fell 9%, Pacific Union finds   While the overall housing market in San Francisco slowed down in September, the luxury segment remained relatively strong, benefitting from the vibrant tech and financial sectors, according to an analysis released Tuesday by brokerage Pacific Union International. Last month, 20 homes in San Francisco sold for ...more

This Bungalow Sums Up Silicon Valley’s Housing Shortage

The 102-year-old four-room house in California sold for $100,000 in 2003, and just closed for $1.78 million BY BECKIE STRUM  |  ORIGINALLY PUBLISHED ON SEPTEMBER 26, 2018   A 100-year-old bungalow so small it could fit inside a regulation basketball court five times has sold in Palo Alto, California, for $1.78 million. It’s a sign of just how inflated the Silicon Valley property market has become over ...more

Pacific Union Chief Economist Selma Hepp quoted by San Francisco Chronicle

Bay Area home sales inch up to another record due to higher-end sales An increase in sales among higher-end homes drove Bay Area prices to another record in May, according to a new CoreLogic report. The number of homes — new and resale — that sold for $800,000 or more last month jumped 21.1 percent year over year, making one of the costliest markets in ...more

San Francisco Chronicle covers Pacific Union Private View

Pacific Union will give public a peek at its private listings Photo: Peter DaSilva / Special To The Chronicle Pacific Union International, California’s second-largest residential real estate broker by volume, is launching a new service this week that will give the public a peek at its “off-MLS listings,” meaning homes for sale that aren’t on a Multiple Listing Service. It’s the latest in a growing ...more

Pacific Union data cited by Haute Residence

As Silicon Valley Luxury Real Estate Soars, These Tech Centers Are Pretenders To Its Throne   No surprise that Silicon Valley real estate is among the most expensive in the nation. The prices of the properties that house the tech elite show no signing of slowing down. A recent report from Pacific Union International showed that home sales over $3 million nearly doubled in the ...more

Pacific Union Chief Economist Selma Hepp interviewed by Los Angeles Times

Southern California home prices jump to a new record high Southern California’s median home price jumped 8.4 percent in March from a year earlier, setting a new all-time high, as hopeful buyers engaged in bidding wars over a limited supply of homes on the market. The six-county region’s median price for new and resale houses and condos hit $519,000 last month, up $40,000 from a ...more

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Selma Hepp interviewed by Mansion Global on Los Angeles housing market

Inventory in Los Angeles Continues to Decline As a result, prices are up in the California city; the average home sold in about a month Los Angeles home buyers will have fewer houses to choose from and less attractive prices during the busy spring buying season if trends seen in March continue. Housing inventory—the number of homes on the market—across every Los Angeles neighborhood was ...more