San Mateo County - Real Estate Market Report OCTOBER 2023

Posted by Tracy Tang on Friday, October 13, 2023 at 4:15 PM By Tracy Tang / October 13, 2023 Comment

San Mateo County, CA Monthly Market Report Summary

Economic Overview: The economy has been unpredictable since the start of the fall selling season. Interest rates have been on the rise, and stock markets have seen a decline since mid-summer. There was a potential federal government shutdown, which was averted, but another such situation might arise soon. Markets are currently volatile, often showing negative reactions to positive news. The full impact of these events on the real estate market will be clearer once Q4 data is available.

Real Estate Trends:

Q3 median house sales price increased by 2% compared to Q3 2022.
September saw a surge in new listings, reaching a year-to-date high, though it's still lower than last year.
Home sales in Q3 decreased by 14% year over year, mainly due to limited listings during the summer and rising interest rates.
Luxury home sales (priced $5 million and above) saw an increase in Q3 2023 compared to the previous year.

2024 Market Forecast by CA Association of Realtors® (CAR):
The California housing market is expected to rebound in 2024.

Predictions include:

A 23% increase in single-family home sales.
A 6.2% rise in the median home price.
A decrease in the average 30-year fixed mortgage interest rate to 6%.
A 10% to 20% increase in active listings, though the overall supply will still be below average.
Despite improvements, the percentage of CA households able to buy a median-priced single-family home will remain low.

Read the full report below.