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January '24 Market Update

Market Update

January '24 Market Update

The stage is set for 2024 to look a lot different from 2023!

Quick Take:
  • The Fed telegraphed that rate hikes are ending, and financial markets expect rate cuts in 2024, which will meaningfully reduce the cost of financing and increase home sales.
  • Home prices are declining slightly, which is normal this time of year, but mortgage rates are keeping the monthly cost of financing a home at or near record highs.
  • Year over year, the median single-family home prices rose across most Bay Area counties in November, staying in line with the six-month horizontal price trend. We expect that trend to continue until interest rates drop and more sellers come to the market.
  • Active listings, sales, and new listings fell month over month for single-family homes and condos. Inventory will likely decline more over the next few months before rising in the spring.
  • Months of Supply Inventory indicates the single-family home market still strongly favors sellers, but the condo market has shifted toward a balanced market. It’s common for MSI to trend higher in the fall and winter, when fewer buyers are in the market and sales slow.

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