Market Update - Meg Tierney
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Market Update

June 12, 2023

All Bay Area markets saw spring 2023 increases in median sales prices (though remaining below – typically well below – peak prices of spring 2022). Year-over-year price declines are starting to shrink, a process which should accelerate in coming months as y-o-y comparisons are no longer with peak prices (and, presumably, prices continue to recover). Virtually across the board, market indicators – such as days on market and overbidding statistics – continued to improve. However, for the great majority of counties, the last year saw the lowest 12-month-period number of new listings coming on market in over 20 years (and probably decades longer), and the lowest 12-month number of sales since the post-2008 great recession. Luxury home sales continued to rebound, but typically still well below (sometimes, far below) the spectacular peaks in luxury sales during the pandemic boom.

Below is the latest daily interest rate chart:  It has been a volatile 4 months.

A review of 3-month-rolling median house sales prices in Bay Area Counties and Sacramento in January, March & May 2023:

12-month-rolling trends – very broad trends – in new listings and sales across 11 Bay Area Counties. Note that 12-month-rolling data will often lag and even distort shorter-term trends. Shorter-term trends are illustrated in the newsletters in the usual, 1-month-rolling, monthly-data charts.