In Sonoma County, Calif., demand is high but new construction is scarce. Sellers can get eight to 10 offers. Meanwhile, rents have increased. Next year, the Federal Housing Finance Agency is launching a program to help with affordability in areas like this.
Limits for loans conforming to the FHFA will increase in the California counties of Sonoma, Napa, Salinas, and San Diego. Other markets throughout the country that will see a loan limit increase are Seattle, Boston, Nashville, Denver, and Boulder.