The 2023 market was characterized by high interest rates, financial market uncertainty, surprisingly strong demand (considering the first two issues), and an extremely low supply of new listings – which maintained upward pressure on prices, even as housing affordability dropped. Sales numbers plunged due to loan rates and the inadequate supply of homes for sale, while for prospective sellers, the motivation to move was reduced by the mortgage lock-in effect. With interest rates falling, and economic conditions and consumer confidence … Continue reading “NorCal Monthly Market Insights Report: January 2024”
Author Admin Posted on January 22, 2024June 5, 2024Categories Market snapshot Leave a comment on NorCal Monthly Market Insights Report: January 2024