Market Update – January 2023
In 2022, after a 10-year upcycle, the real estate market in the Bay Area saw a dramatic shift from Spring and cooled significantly in the 2nd half of the year. 30-year mortgage rate climbed from 3.11% to 6.42% in 2022, peaking at 7.08% in Nov 2022. The economic uncertainty and higher mortgage rates reduced buyer demand, slowed the pace of home sales, and moderated home prices. The median sales price for single family homes and condos are back to January 2021 price points. With the inflation rate coming down to 7% from its peak of 9% in July, experts agree that mortgage rates are expected to stabilize while home sales and prices moderate in 2023. Home buyers will not face the extreme competition that was commonplace over the past few years. For home sellers, pricing preparation and marketing are critical. Can you think of anyone who may be thinking about buying or selling their home? I would really appreciate your referral!
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