Oakland Inner East Bay - Real Estate Market Report OCTOBER 2023

Posted by Tracy Tang on Friday, October 13, 2023 at 4:30 PM By Tracy Tang / October 13, 2023 Comment

Oakland Inner East Bay - Monthly Market Report Summary

Economic Overview: Since the start of the fall selling season, economic indicators have been challenging. Interest rates have been on the rise, and stock markets have seen a decline from their mid-summer peaks. Although a federal government shutdown was averted, another potential crisis looms. Markets are unpredictable, often showing negative reactions to positive economic updates. The full impact of these events on the real estate market will be clearer with Q4 data.

Real Estate Trends:

Q3 median house sales price decreased by 4% compared to Q3 2022. However, this decline is expected to level out in the upcoming months.
New listings surged in September, leading to a year-to-date high in total listings available.
Home sales in Q3 dropped by 22% year-over-year, largely due to limited listings in the summer and rising interest rates.
Despite these challenges, homes on average are selling swiftly and above their asking price.

2024 Market Forecast by CA Association of Realtors® (CAR):

The California housing market is predicted to bounce back in 2024.
Sales of existing single-family homes are projected to rise by about 23%.
The median home price in CA is anticipated to increase by 6.2%.
The average 30-year fixed mortgage interest rate is expected to drop to 6%.
Even with a 10%-20% rise in active listings, housing supply will stay below the norm.
The percentage of CA households that can afford a median-priced single-family home will remain low by historical standards.

Read the full report below: