EAST BAY MARKET REPORT
JULY 2024
ALAMO MARKET ANALYSIS
SINGLE FAMILY HOMES YEAR OVER YEAR
BLACKHAWK MARKET ANALYSIS
SINGLE FAMILY HOMES YEAR OVER YEAR
$9,500,000
DANVILLE & DIABLO MARKET
ANALYSIS
SINGLE FAMILY HOMES YEAR OVER YEAR
SAN RAMON MARKET ANALYSIS
SOLD AVERAGES
LOCAL MARKET TRENDS
CONTRA COSTA COUNTY
CALIFORNIA HOUSING MARKET
REBOUNDS
AMIDST FALLING
MORTGAGE RATES
The California housing market experienced a rebound in July, with home sales reaching a five-month high. This surge in activity was largely driven by a decline in mortgage rates, which fell to their lowest point since spring. The CALIFORNIA ASSOCIATION OF REALTORS®
(C.A.R.) reported that existing single-family home sales totaled 279,810 on a seasonally adjusted annualized rate in July, representing a 3.6% increase from June and a 4 1% increase from July 2023
The upswing in sales is a welcome sign after a period of relative stagnation in the market. The seasonally adjusted annualized sales figure signifies the total number of homes that would be sold if the July pace persisted throughout the year, accounting for seasonal variations in sales. This metric rose 3.6% from June and 4.1% from the same period last year. Despite the improvement, sales remained below the 300,000 threshold for the 22nd consecutive month, indicating that the market is still navigating a delicate balance between buyer and seller activity. The Impact of Lower Mortgage Rates
The key driver of the July surge was the decline in mortgage rates.
C A R 's Senior Vice President and Chief Economist, Jordan Levine, attributed this positive development to the “cooling economy” in recent months With lower borrowing costs, homebuyers who had been sidelined due to higher rates found themselves in a more favorable position to enter the market. The allure of lower monthly payments, combined with the potential for price softening, motivated buyers to take the plunge.
REGIONAL VARIATIONS IN THE HOUSING MARKET
The performance of the housing market varied across different regions of California in July. Here's a breakdown by region:
Sales Performance:
San Francisco Bay Area: Experienced the most significant yearover-year sales increase at 19.2%.
Southern California: Followed closely with a 11 4% annual increase in sales.
Central Valley: Also saw double-digit growth in sales, rising 10.3% from the previous year.
Central Coast: Sales grew by a more modest 5.8% from July 2023.
Far North: Was the only region to record a decline in sales, dropping by 0.5% year-over-year. This drop was partially attributed to the Park Fire, which began in late July.
Price Performance:
Central Coast: Posted the largest year-over-year price increase at 8 0%
Southern California: Came in second with a 6.1% increase in median prices
San Francisco Bay Area: Experienced a 3.6% annual price growth.
Far North: Saw a 3.1% increase in median prices.
Central Valley: Registered the smallest annual price gain at 2.2%.
LOCAL MARKET
QUESTIONS TO CONSIDER
1. Has your income or financial situation changed?
2. Have you considered any renovations?
3. Do you have any concerns about the current state of the market?
4 Are you interested in investment opportunities?
5. Have you outgrown your current neighborhood?
Wherever you currently stand, always remember that we ' re here for you as a local resource and want to help you through this significant life event Contact us today to receive a free home valuation.
Cheers,
The Khrista Jarvis Team
DRE# 01213582 (925) 309-0111 | www.khristajarvisteam.com
