The market is always up and down – check out these GIF charts illustrating changes over the last thirty years. In 2006-2007, rates averaged 6.5%; today they are under 4%!! I’d say the summer forecast is UP!
This first chart below is a very simplified, approximate and smoothed out chart graphing the percentage ups and downs in San Francisco home prices over the past 30+ years. We have other charts that illustrate more exact changes in median sales prices, average dollar per square foot values, and Case-Shiller Index values.
San Francisco median home prices since 1993, by property type (houses, condos and TICs), in thousands of dollars ($950 = $950,000). Changes in median price are not perfectly correlated to changes in home values since median prices can be affected by a variety of factors. Still, the overall trend line is certainly reflective of market conditions.
Factors behind the market: 30-year average mortgage interest rates for conforming loans since 1981, per the FHLMC (Freddie Mac).
Factors behind the market: San Francisco employment trends since 1990.