House sales volume in the East Bay fell from Q3 (July-September) to Q3 (October-December), according to the California Association of Realtors. But our Market Update shows that the number of new listings for sale jumped in September and the total supply of listings for sale hit a YTD high last month.
On average, homes are still selling quickly for over asking price despite these changes in market dynamics.
Interest rates have been volatile but remain relatively high, solidly in the high 7s and with some high confirming loans slipping into the 8s.
Buying is more appealing to those with high down payments and those who feel comfortable riding the high rates market until they can refinance.
Continued high prices make this an attractive market for selling if sellers are moving to a less expensive area, sizing down, or moving from home ownership to renting for a while.