After a slow spring market and an even slower summer season, are we on the verge of a bounce back in fall activity? Mortgage rates currently sit at 6.26%, down from 7.04% in January. That’s good news.
According to the California Association of Realtors, pending sales rose 8.3% from July to August. That’s also good news.
Prices remain high. In the nine-county Bay Area, the median sales price of an existing single-family home was $1.28 million in August – an increase of 2.8% from a year before. That’s not so good news.
Inventory remains relatively low in the Bay Area, with less than three months of supply. Still, many realtors report seeing first-time buyers at open houses.