More than 200 SFAR and Women’s Council of REALTORS® members gathered on Thursday to hear Leslie Appleton-Young, CAR’s Vice President and Chief Economist, deliver her economic and market outlook for 2014. In case you missed it, or just need to see it again, here are a few highlights and a link to download the presentation.
The Highlights:
- Consumer confidence is at a 7-year high
- The Bay Area leads job growth -- San Jose (3.8%) and San Francisco (3.6%)
- The sectors with the most job growth in 2014 were: Construction, Administrative & Support & Waste Services, and Professional, Scientific & Technical Services
- New Home Sales rose 8.8 percent from 2013 to 2014
- In California, investors made up 15 percent of the market in 2014, compared to 19 percent in 2013
- In 2014, first-time homebuyers made up 30 percent of the market, compared to a long run average of 38 percent
- In San Francisco, 15 percent of households can afford the median home priced home
- California needs a minimum of 165,000 new units annually to meet the current housing need
- This year, sales and prices are expected to rise in California
- In 2015, interest rates are expected to rise just slightly to 4.5 percent
- According to a survey, 23 percent of people would prefer to gain 10 pounds than go through the mortgage process again
To access Leslie Appleton-Young’s entire presentation, click here.
