Need news in a flash? Here’s what’s happening in your community

Although sellers may not feel as warm, the Bay Area market normalizing to more realistic appreciation rates is considered positive news for housing health, according to Pacific Union’s July report on Bay Area real estate.

Despite remaining above the 400,000 home sales mark for four consecutive months, California is selling less homes than forecasted, according to the California Association of Realtors (CAR), which points to affordability and low inventory as the culprits.

median home price california july 2016 affordability

Graph courtesy of CAR

AppFolio and Axiometric’s U.S. Apartment Forecast report found that San Francisco’s double-digit rent growth areas would mellow out as 2016’s end draws near. The Bay Area’s average rent growth is now averaging 4 percent per year, but by the end of the of year, the report states that number will fall to 3.7 percent for 2016’s average.

Got a lead on some news happening in your community? Send information to local@inman.com

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