Inventory remains low and days on market are trending down in many cities. With mortgage rates up, it's not a surprise that the percentage of home buyers paying all cash is the highest it has been in 8 years. Overall, homes are selling quickly and for over list price.
The Bay Area’s median house sales price rose 5% year over year in August, reversing a 12-month trend of annual home price declines. For the overall Bay Area, the median house sales price in August was $1.26 million, up from $1.2 million a year ago.
What does this mean for you? Buyer demand has rebounded in 2023 from the deep low point of late 2022. Qualified buyers are looking to take advantage of lower competition as many are still out priced. If you find a home you love, it's always the right time to buy! Inventory will almost certainly remain historically low for the remainder of the year, and the market will remain competitive in the fourth quarter. Many experts believe that as soon as interest rates start to drop, prices will start increasing.
Thinking about the timing of your next move? Contact Arrive Real Estate Group today to learn more about how you can make this market work for you!