Market Update May 2, 2024 - Meg Tierney
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Market Update May 2, 2024

May 2, 2024

New listings in April 2024 were up 27% year over year to hit their highest monthly total since mid-2022.

Active listings on any given day were up 29% year over year. Active listings typically continue to climb through summer or fall.

The number of Bay Area listings in contract on any given day in April was up 8% year over year, to hit its highest number since autumn 2022. And the number of Bay Area price reductions in April 2024 was up 37% from April 2023. Again, specific data for individual markets – trends do vary – will be in the upcoming May newsletters.

Interest rates ticked up slightly in the Freddie Mac reading issued today:

“The 30-year fixed-rate mortgage increased for the fifth consecutive week as we enter the heart of Spring Homebuying Season. On average, more than one-third of home sales for the entire year occur between March and June. With two months left of this historically busy period, potential homebuyers will likely not see relief from rising rates anytime soon. However, many seem to have acclimated to these higher rates, as demonstrated by the recently released pending home sales data coming in at the highest level in a year.” FHLMC, 5/2/24

As as expected, the Fed kept their benchmark rate steady yesterday: