For the first time since 2012, home sale prices in the region have fallen below asking prices on average over consecutive months, according to data from real estate brokerage Redfin.
, double the historic lows during most of the pandemic — when buyers rushed into the market in droves to take advantage of the cheaper mortgages. The higher rate is boosting monthly home payments, sometimes by thousands of dollars.
Across the core Bay Area, the sales-to-list ratio has remained between 98% and 100% over the past three months. That means sales prices hovered around 1% to 2% below asking prices on average during that period. It’s the first time that’s happened since early 2012 when Redfin began tracking the data. The main issue with the property is a large neighboring church parking lot that fills up on weekends, Rubenstein said. A year ago, during the height of the pandemic homebuying frenzy, a bidding war might have erupted. But now buyers have the luxury of being more choosey.
As of Feb. 5, the median price for all homes — including single-family houses, condos and townhomes — was $1.34 million in San Mateo County, $1.29 million in Santa Clara County, $1.17 million in San Francisco County, $894,000 in Alameda County and $671,000 in Contra Costa County, according to Redfin.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
United Way Bay Area's FREE TAX HELP BAY AREAFREE TAX HELP BAY AREA IS A COALITION OF ORGANIZATIONS THAT PROVIDE FREE TAX HELP THROUGHOUT THE BAY AREA LED BY UNITED WAY BAY AREA IN PARTNERSHIP WITH THE IRS. OUR SERVICES ARE FREE, SECURE, AND HIGH-QUALITY. TAX RETURNS ARE PREPARED BY TRAINED AND IRS-CERTIFIED VOLUNTEERS.
Read more »
Taft boys basketball edges Westchester, advances to first City final since 2012Taft coach Derrick Taylor’s last City title victory game in 2011. He’s got a chance to win another on Feb. 25.
Read more »
Five minutes to win it: Intense new motorsport headed to Bay AreaAthletes in the eSC eSkootr Championship Racing Series can reach speeds up to 60 mph on courses that are no longer than a half-mile long.
Read more »
Schiff campaigns in Bay Area for Feinstein's seatRepresentative Adam Schiff held a campaign event Thursday night in San Francisco, where 150 people packed into an event held at Manny's Cafe in the Mission District.
Read more »
Bay Area News Group boys high school athlete of the week: Bryce Luna, St. Francis wrestlingSt. Francis wrestler Bryce Luna finished first at CCS Northern Regional meet.
Read more »
$1 million in stolen goods found at Bay Area home, police sayPolice arrested multiple suspects at a fencing operation in an Oakland home, officials said.
Read more »