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Housing

Why is this important?

Chart Links

Median home prices and home sales continued an upward trend in Silicon Valley and the state.
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Trends in Home Sales
Median Sale Price and Number of Home Sales
Silicon Valley and California
Trends in Home Sales chart

*Median sale prices and forecasted annual home sales are based on 2013 data through November.

Data source:

Zillow Real Estate Research

Analysis:

Silicon Valley Institute for Regional Studies

An upward trend continued for the number of residential units permitted.
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Residential Building
Single Family and Multi-Family Units Included in Residential Building Permits Issued
Santa Clara & San Mateo Counties

*2013 data is through November.

Data source:

Construction Industry Research Board and California Homebuilding Foundation

Analysis:

Center for Continuing Study of the California Economy

New affordable housing development increased to 8.3%.
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Building Affordable Housing
Affordable Units as a Percentage of Total Approved New Residential Units
Silicon Valley
Building Affordable Housing chart
Note:

Beginning in 2008, the Land Use Survey expanded its geographic definition of Silicon Valley to include cities northward along the U.S. 101 corridor (Brisbane, Burlingame, Millbrae, San Bruno and South San Francisco).

Data source:

City Planning and Housing Departments of Silicon Valley

Analysis:

Silicon Valley Institute for Regional Studies

Average rents continued a four-year upward trend.
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Rental Affordability
Apartment Rental Rates at Turnover Compared to Median Household Income
Santa Clara & San Mateo Counties
Rental Affordability chart

* Estimate based on Quarters 1-3, 2013.

Data source:

Real Facts

United States Census Bureau, American Community Survey

Analysis:

Silicon Valley Institute for Regional Studies

Home affordability fell for potential first-time homebuyers in both Santa Clara and San Mateo counties.
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Home Affordability
Percentage of Potential First-Time Home Buyers That Can Afford to Purchase a Median-Priced Home
Silicon Valley and Other California Regions

*2013 data reflects Q1-2.

Data source:

California Association of Realtors, Home Affordability Index

Analysis:

Silicon Valley Institute for Regional Studies

Silicon Valley has seen a 1% increase in multi-generational households since pre-recession.
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Multi-Generational Households
Percentage of Households with Grandparents and Grandchildren
Santa Clara & San Mateo Counties, California, and the United States
Data source:

U.S. Census Bureau, American Community Survey

Analysis:

Silicon Valley Institute for Regional Studies

Housing cost burden ease for Silicon Valley homeowners but increase for renters in the region
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Percent of Households with Housing Costs Greater than 35% of Income
Renters & Owners
Santa Clara & San Mateo Counties, California
Data source:

U.S. Census Bureau, American Community Survey

Analysis:

Collaborative Economics

Annual residential foreclosures have tapered off
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Residential Foreclosure Activity
Annual Number of Foreclosures
Silicon Valley

* Annual residential foreclosures are forecasted based on first half 2012 figures.

Data source:

RAND California Statistics

Analysis:

Collaborative Economics

Underwater mortgages in Silicon Valley have fluctuated over the past year and a half, once again falling sharply in Q2 2012
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Underwater Mortgages
Percentage of Silicon Valley Home Mortgages that Exceed Home Worth
Silicon Valley
Data source:

Zillow Real Estate Research, Negative Equity Report

Analysis:

Collaborative Economics