How's The Market?

NOVEMBER 2024 WRAP-UP

In late November, Bay Area markets began entering the traditional mid-winter holiday slowdown, marked by fewer new listings and a tapering of activity. Compared to last year, single-family home sales rose 15.0%, and the median sales price ticked down 4.9%.

Mortgage rates, which began declining mid-November, reached their lowest level in over a month last week. FreddieMac reported, ‘Despite just a modest drop in rates, consumers clearly have responded as purchase demand has noticeably improved. The responsiveness of prospective homebuyers to even small changes in rates illustrates that affordability headwinds persist.

December is expected to bring a seasonal lull, with fewer new listings and many unsold properties withdrawn from the market, especially in higher price ranges. For motivated buyers, this quieter period may offer opportunities to secure favorable deals before the anticipated spring surge in inventory and competition. Looking ahead, the market will likely see renewed energy starting in February, making this an opportune moment for buyers and sellers to prepare.

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