Despite the Federal Reserve cutting interest rates in early September, Bay Area home sales declined 9.4% from August to their lowest level since March. However, it should be noted that home sales in September typically closed in August, before the rate drop.
The median sales price for existing homes the Bay Area (all nine counties) was $1.3 million in September, down 2.6% from September 2023.
Analysts expect housing inventory to decline for the remainder of 2024 but expect the market to pick up in early 2025.