MJP –
Home sales in the San Francisco Bay Area saw a 19.2% increase compared to the previous year in July 2024, according to data from the California Association of Realtors (C.A.R.). This indicates that the housing industry has made great strides. Even though the economy has been in a constant state of flux, this gain shows that the market is holding its own.
This is particularly true considering that median home prices fell 7.1% from June to $1,300,000, but they are still up 3.6% from the same metrics last year.
Particular counties’ sales volumes were exceptionally robust as buyers adjusted to interest rate variations; Alameda County’s sales volume was the most impressive, increasing by 24.9% year-over-year.
Even though loan rates have remained relatively stable at roughly 6.5% since last summer, the present market situation appears to be encouraging prospective homeowners.
Real estate veteran Jeff LaMont of the Peninsula remarked, “People got tired of waiting for rates to moderate,” according to Silicon Valley.com. “We will not return to the 2.75% mortgage,” he continues. That is the course the ship has taken, and I believe everyone is aware of it.
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Sales have been particularly strong in several counties in the Bay Area, as reported by Silicon Valley.com. Sales in Santa Clara County increased by 30.5%, San Francisco by 34.8%, and Alameda County by 24.9%. Home prices in the nine-county Bay Area have stayed strong, with the median price increasing from $1.26 million to $1.3 million in the previous year, despite low inventories and high demand.
Even though prices have risen from last year, the scarcity of single-family houses is being further fueled by affluent IT workers.
As an example, according to Silicon Valley.com, Carlos Pompa of Keller Williams in San Jose’s Willow Glen neighborhood saw “solid traffic” at an open house. The three-bedroom house, which was listed at $1.99 million, is likely going for around $2.2 million because there are “so many (all)-cash buyers on the market,” he explained.
Forecasts continue to attract a lot of attention as investors and homebuyers deal with the unpredictable nature of the market.
The data given by Norada Real Estate captures the often complex market overview and shows how the Bay Area housing landscape will be shaped by the interplay of mortgage rates and house availability. The market’s intricate beat continues to captivate local and national interest, even if July featured a mixed bag of price falls and sales increases.
