Market Update
Home prices rose 5.6% to $418,900, the highest ever, with demand still strong despite high mortgage rates. Inventory is at its highest since August 2020, which may slow price increases. The Fed held rates steady, with rate hikes unlikely. For local insights, see the Local Lowdown.
BIG STORY DATA
THE LOCAL LOWDOWN
In May, median single-family home prices hit record highs in San Mateo, Santa Clara, and Sonoma, with overall Bay Area prices near all-time highs, while high mortgage rates and low inventory continue to drive prices up, potentially slowing sales later this year.
In 2024, single-family home inventory, sales, and new listings in the Bay Area have increased significantly month-over-month, driven by more new listings, resulting in healthier market conditions except in San Francisco.
In May 2024, the Months of Supply Inventory (MSI) fell, indicating a sellers' market across the Bay Area, with MSI below three months in most counties. Exceptions include single-family homes in Napa (buyers' market) and condos in Alameda and San Francisco (balanced markets). San Francisco's MSI has been notably variable over the past year.
Stay up to date on the latest real estate trends.
November 15, 2024
October 22, 2024
October 22, 2024
Sellers Return as Affordability Improves
September 20, 2024
September 20, 2024
August 21, 2024
August 12, 2024
July 23, 2024
Median home price hits record high for the second month
July 12, 2024
You’ve got questions and we can’t wait to answer them.