{"id":284,"date":"2024-01-22T23:31:03","date_gmt":"2024-01-23T00:31:03","guid":{"rendered":"https:\/\/ferraro-zugibe.com\/?p=284"},"modified":"2024-06-05T17:56:35","modified_gmt":"2024-06-05T17:56:35","slug":"norcal-monthly-market-insights-report-january-2024","status":"publish","type":"post","link":"https:\/\/ferraro-zugibe.com\/index.php\/2024\/01\/22\/norcal-monthly-market-insights-report-january-2024\/","title":{"rendered":"NorCal Monthly Market Insights Report: January 2024"},"content":{"rendered":"<p><img src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" class=\"cca_featuredimage wp-post-image lazyload\" alt=\"January 2024 Northern California Market Insights Report\" style=\"margin-bottom: 15px\" loading=\"lazy\" data-wp-pid=\"67584\" data-src=\"https:\/\/ferraro-zugibe.com\/wp-content\/uploads\/2024\/01\/January-2024-NorCal-California-Real-Estate-Blog-Headers-1800x1200-1-768x512-1.jpg\"><\/p>\n<p>The 2023 market was characterized by high interest rates, financial market uncertainty, surprisingly strong demand (considering the first two issues), and an <em>extremely<\/em> low supply of new listings \u2013 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 rebounding, the big question is how much<em> <\/em>do rates need to fall for buyers and sellers to start participating in the market in normal numbers again? Right now, the direction is trending positive.<\/p>\n<ul>\n<li>In the last 2 months of 2023, the average weekly 30-year mortgage interest rate dropped from 7.79% to 6.61%. With the fall in inflation this past year, the Fed is widely expected to begin dropping its benchmark rate, probably in multiple steps, in 2024. The consensus forecast among analysts is for further declines in mortgage interest rates.<\/li>\n<li>After its end-of-year rally, the S&amp;P Index was up 25% and the Nasdaq up 45% in 2023 (though it has ticked down in early 2024). This plays a major role in Bay Area household wealth.<\/li>\n<\/ul>\n<p><strong>Click the links below to access monthly market updates by Bay Area region.<\/strong><\/p>\n<ul>\n<li><a href=\"https:\/\/www.compass.com\/marketing-center\/editor\/v2\/flipbook\/8c2c7981-2601-43ad-83bd-ddd6706aee76\" target=\"_blank\" rel=\"noreferrer noopener\">National Market Report<\/a><\/li>\n<li><a href=\"https:\/\/www.compass.com\/marketing-center\/editor\/v2\/flipbook\/1cd12dbb-d836-4cd7-a466-df610bf7b2a7\" target=\"_blank\" rel=\"noreferrer noopener\">Bay Area Home Price Maps<\/a><\/li>\n<li><a href=\"https:\/\/www.compass.com\/marketing-center\/editor\/v2\/flipbook\/934cb09b-0e29-4946-b4f8-cf1bda852147\" target=\"_blank\" rel=\"noreferrer noopener\">San Francisco<\/a><\/li>\n<li><a href=\"https:\/\/www.compass.com\/marketing-center\/editor\/v2\/flipbook\/a289f23a-2ce8-4039-8e47-5e8dc6055780\" target=\"_blank\" rel=\"noreferrer noopener\">San Mateo County<\/a><\/li>\n<li><a href=\"https:\/\/www.compass.com\/marketing-center\/editor\/v2\/flipbook\/1c8432ae-cdc2-4c02-96d2-b920ac86a98a\" target=\"_blank\" rel=\"noreferrer noopener\">Santa Clara County<\/a><\/li>\n<li><a href=\"https:\/\/www.compass.com\/marketing-center\/editor\/v2\/flipbook\/169b9c31-8f7c-46b3-944a-bf1655b2a8f7\" target=\"_blank\" rel=\"noreferrer noopener\">Stanford Circle Cities<\/a><\/li>\n<li><a href=\"https:\/\/www.compass.com\/marketing-center\/editor\/v2\/flipbook\/51b20e62-d9de-463b-8408-25de1cc3fc24\" target=\"_blank\" rel=\"noreferrer noopener\">Marin County<\/a><\/li>\n<li><a href=\"https:\/\/www.compass.com\/marketing-center\/editor\/v2\/flipbook\/b85b80ab-19c2-489d-a975-329cffb50a44\" target=\"_blank\" rel=\"noreferrer noopener\">Sonoma County<\/a><\/li>\n<li><a href=\"https:\/\/www.compass.com\/marketing-center\/editor\/v2\/flipbook\/ca4fe638-9d71-41cf-b3a2-d5ce9e720815\" target=\"_blank\" rel=\"noreferrer noopener\">Napa County<\/a><\/li>\n<li><a href=\"https:\/\/www.compass.com\/marketing-center\/editor\/v2\/flipbook\/8548b18c-d62f-4f55-aafe-42ea3cb3a9d1\" target=\"_blank\" rel=\"noreferrer noopener\">Oakland-Berkeley Inner East Bay<\/a><\/li>\n<li><a href=\"https:\/\/www.compass.com\/marketing-center\/editor\/v2\/flipbook\/667781a0-13fb-4f46-86f5-daa5b20076dd\" target=\"_blank\" rel=\"noreferrer noopener\">Tri-Valley, South Alameda County<\/a><\/li>\n<li><a href=\"https:\/\/www.compass.com\/marketing-center\/editor\/v2\/flipbook\/c65e7293-d99b-46c5-8e0c-6ef952af452b\" target=\"_blank\" rel=\"noreferrer noopener\">Diablo Valley<\/a><\/li>\n<li><a href=\"https:\/\/www.compass.com\/marketing-center\/editor\/v2\/flipbook\/66b85c98-65c4-4b01-a378-45738b56e833\" target=\"_blank\" rel=\"noreferrer noopener\">Lamorinda<\/a><\/li>\n<li><a href=\"https:\/\/www.compass.com\/marketing-center\/editor\/v2\/flipbook\/8d6dd364-1f01-487e-9a2f-7e6b2dc8c788\" target=\"_blank\" rel=\"noreferrer noopener\">North Contra Costa County<\/a><\/li>\n<li><a href=\"https:\/\/www.compass.com\/marketing-center\/editor\/v2\/flipbook\/3cccfb4e-4781-473a-99ac-e95c60dbcf93\" target=\"_blank\" rel=\"noreferrer noopener\">Santa Cruz County<\/a><\/li>\n<li><a href=\"https:\/\/www.compass.com\/marketing-center\/editor\/v2\/flipbook\/c064b131-802e-4b50-a715-ea96ce014d03\" target=\"_blank\" rel=\"noreferrer noopener\">Monterey County<\/a><\/li>\n<li>Greater Sacramento Market:\n<ul>\n<li><a href=\"https:\/\/www.compass.com\/marketing-center\/editor\/v2\/flipbook\/3c57811b-905b-4f09-924a-2c52f30d9eb8\" target=\"_blank\" rel=\"noopener\" title=\"\">Sacramento County<\/a><\/li>\n<li><a href=\"https:\/\/www.compass.com\/marketing-center\/editor\/v2\/flipbook\/50fcc9fa-eca0-49bb-bfa8-e6ffbbde81c7\" target=\"_blank\" rel=\"noopener\" title=\"Placer County\">Placer County<\/a><\/li>\n<li><a href=\"https:\/\/www.compass.com\/marketing-center\/editor\/v2\/flipbook\/3fba5055-2316-4de6-814f-bee982e6e21e\" target=\"_blank\" rel=\"noopener\" title=\"El Dorado County\">El Dorado County<\/a><\/li>\n<\/ul>\n<\/li>\n<li>Lake Tahoe Market:\n<ul>\n<li><a href=\"https:\/\/www.compass.com\/marketing-center\/editor\/v2\/flipbook\/dd7943e1-b575-41fd-ae6e-45792d82408e\" target=\"_blank\" rel=\"noopener\" title=\"North Lake Tahoe + Truckee Market Report - January 2024\">North Lake Tahoe + Truckee<\/a><\/li>\n<li><a href=\"https:\/\/www.compass.com\/marketing-center\/editor\/v2\/flipbook\/e292f7e3-5734-4767-8869-fbe4d8ade7e0\" target=\"_blank\" rel=\"noopener\" title=\"South Lake Tahoe Market Report - Jan 2024\">South Lake Tahoe<\/a><\/li>\n<li><a href=\"https:\/\/www.compass.com\/marketing-center\/editor\/v2\/flipbook\/2608de2e-7a86-4b30-ac4f-866a54c602fa\" target=\"_blank\" rel=\"noopener\" title=\"Lake Tahoe East Shore - Market Report - Jan 2024\">East Shore<\/a><\/li>\n<li><a href=\"https:\/\/www.compass.com\/marketing-center\/editor\/v2\/flipbook\/2c5f56d6-b3da-4d2f-a045-6de4fc242d51\" target=\"_blank\" rel=\"noopener\" title=\"Incline Village\u00a0+ Crystal Bay - Market Report - Jan 2024\">Incline Village\u00a0+ Crystal<\/a><\/li>\n<\/ul>\n<\/li>\n<li><a href=\"https:\/\/www.compass.com\/marketing-center\/editor\/v2\/flipbook\/6356cc5b-2ea2-44dc-88f0-d595cd222c8f\" target=\"_blank\" rel=\"noreferrer noopener\">San Francisco, 2-4 Unit Buildings<\/a><\/li>\n<li><a href=\"https:\/\/www.compass.com\/marketing-center\/editor\/v2\/flipbook\/100ec772-96e3-4f28-8f77-08513df60a4f\" target=\"_blank\" rel=\"noreferrer noopener\">San Francisco, 5+ Unit Apartment Buildings<\/a><\/li>\n<li><a href=\"https:\/\/www.compass.com\/marketing-center\/editor\/v2\/flipbook\/74bdb81b-4a6f-4346-a9b1-cac9f073ef54\" target=\"_blank\" rel=\"noreferrer noopener\">Bay Area Market Cycles since 1990<\/a><\/li>\n<li><a href=\"https:\/\/www.compass.com\/marketing-center\/editor\/v2\/flipbook\/ab9eac72-4b7f-4975-a365-b86b2e5f946b\" target=\"_blank\" rel=\"noreferrer noopener\">Macroeconomic Factors<\/a><\/li>\n<\/ul>\n<p>The post <a href=\"https:\/\/compasscaliforniablog.com\/norcal-monthly-market-insights-report-january-2024\/\">NorCal Monthly Market Insights Report: January 2024<\/a> first appeared on <a href=\"https:\/\/compasscaliforniablog.com\">California Real Estate Blog<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 \u2013 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 &hellip; <a href=\"https:\/\/ferraro-zugibe.com\/index.php\/2024\/01\/22\/norcal-monthly-market-insights-report-january-2024\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;NorCal Monthly Market Insights Report: January 2024&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":286,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[9],"tags":[],"_links":{"self":[{"href":"https:\/\/ferraro-zugibe.com\/index.php\/wp-json\/wp\/v2\/posts\/284"}],"collection":[{"href":"https:\/\/ferraro-zugibe.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ferraro-zugibe.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ferraro-zugibe.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ferraro-zugibe.com\/index.php\/wp-json\/wp\/v2\/comments?post=284"}],"version-history":[{"count":2,"href":"https:\/\/ferraro-zugibe.com\/index.php\/wp-json\/wp\/v2\/posts\/284\/revisions"}],"predecessor-version":[{"id":287,"href":"https:\/\/ferraro-zugibe.com\/index.php\/wp-json\/wp\/v2\/posts\/284\/revisions\/287"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ferraro-zugibe.com\/index.php\/wp-json\/wp\/v2\/media\/286"}],"wp:attachment":[{"href":"https:\/\/ferraro-zugibe.com\/index.php\/wp-json\/wp\/v2\/media?parent=284"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ferraro-zugibe.com\/index.php\/wp-json\/wp\/v2\/categories?post=284"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ferraro-zugibe.com\/index.php\/wp-json\/wp\/v2\/tags?post=284"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}