Tri-Valley & South Alameda County - Real Estate Market Report OCTOBER 2023
Tri-Valley & South Alameda - Monthly Market Report Summary:
Economic Overview: Economic indicators have been unpredictable with rising interest rates and declining stock markets since mid-summer. Market reactions are often contrary to positive economic news, with eyes on inflation and the Fed's potential response. The full impact on real estate due to these changes will be clearer with Q4 data.
Tri-Valley & South Alameda County Market: This region remains one of the Bay Area's strongest markets. Q3 median house sales price increased by 4% from Q3 2022. Condos and townhouses saw smaller growth. However, the number of home sales in Q3 decreased by 21% YoY, mainly due to limited listings and rising interest rates. Sales of homes priced over $2 million in Q3 were slightly lower than in Q3 2022.
2024 Forecast by CA Association of Realtors® (CAR):
- The California housing market is expected to rebound in 2024.
- Predicted growth in existing single-family home sales: 23%.
- CA median home price is projected to rise by 6.2%.
- The average 30-year fixed mortgage interest rate might drop to 6%.
- Housing supply will stay below average, even with a 10%-20% increase in listings.
- The percentage of CA households affording a median-priced home will remain low
Read the full report below.
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