Home sales in March fell year-over-year, but prices are still going up.
Real Estate advisor Teresa Baum sets out signage before an open house event on Thursday, April 25, 2024, in Oakland, Calif. As of March, the median sales price of a home in the nine-county Bay Area was $1.39 million, according to new data from the. That brings prices back up to levels last seen two years ago, and marks a 15.5% increase from this time last year — the biggest spike among California’s regions.that sent home sales activity into a downward spiral.
For buyers, the steeper home prices and higher interest rates are a double whammy, pushing homeownership even further out of reach for many. Even just a few points of difference in interest rate can add hundreds of dollars to a monthly payment. “Even with interest rates where they are, buyers are still aggressively pursuing these homes,” said Ned Laugharn, a real estate agent in San Jose. “People are jumping in, because the house prices are going up faster than the interest rates are coming down.”
Homes are spending an average of just 10 days on the market these days in Santa Clara County, down from 14 at this time last year,. Compare that to 22 in San Francisco, 13 in San Mateo and Contra Costa counties, and 12 in Alameda County.
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