Has the Market Risen from the Dead?

Market Update
Author

Kyle Paquin

Published

February 9, 2023

These are the BIG graphs for the entire region. Look at the squiggly red lines to infer trends. Fall and Winter of 2022 saw a big downturn with less offers, climbing DOM, lower sale prices and less overall sales.

HOWEVER,

Word on the street is that the market is rising from the dead early this year due to a large reduction in interest rates which peaked on Nov 10th at 7.08% but is now down to 6.12%. Pent up buyer demand is coming out like the sunshine after these California downpours. Buyers are pouring into open houses faster than Han Solo can say “I got a bad feeling about this.”

Mortgage and Me

This section is the summary of the ongoing sitcom, “Mortgage and Me”, where you get news of what the banks are doing and how it affects us all.

Mortgage Rates are “high” but are going back down

Prices may have bottomed now that rates have been reduced. The market will get crazy hot if rates fall past 5.5%. I believe price declines are already at an end. Sorry buyers.

Refinance Volume is in the Toilet but Not Flushed Yet

The lending industry will continue to struggle until the blue line hits the dotted line (normalcy). The line has been exploding upwards for the past few weeks.

East Bay Area Market Update

Lots of tables and graphs ahead

East Bay Area Yearly Housing Trends
Alameda, Contra Costa, Solano
2021 2022 % Change
Median Price 915000 895000 -2.2%
Average Price per SF 562 571 1.6 
Number of Sales 27351 20163 -26.3 
Median DOM 9 13 44.4 
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