Just San Ramon Homes

East Bay Real Estate Update – March 2024

San Ramon Home For Sale

Following a number of fairly steep increases in 2023, the average 30-year mortgage rate stabilized between 6.60% and 6.70% in January 2024, and although median sale prices declined in January, it is likely that prices will rise in March, as in most years.

Almost every economic indicator is showing a strong U.S. economy and consumer confidence is starting to climb. An additional factor is the recent improvement in inflation-adjusted earnings.

How is this effecting the housing market?

The Fed kept the benchmark rate between 5.25% and 5.50% in January, and while the board members indicated a positive outlook, the results were less than had been genarally hoped for. We now anticipate rate cuts to begin in late spring or early summer.

The Fed takes a conservative approach. Inflation is dropping, and unemployment is low, at 3.7%.

Fears of recession have declined once again, and the “soft landing”, which was hoped for, shows strong signs of becoming reality.

Based on all this, we now anticipate a steady move to a healthier housing market. Mortgage rates are around 6.5%, which is still seen as around 1% higher than is expected to fuel noticeable growth in homes for sale, yet the speed at which those few homes on the market are selling demonstrates that buyer motivation is still strong.

We have to remember that the market is also driven by seasonal trends of course. Fewer homes are listed in winter than any other time of year.

If you get your news fron national sources, this may appear to differ from what you are reading, but always remember the adage ‘Real Estate Is Local”. Different regions and even house types differ significantly from national trends. This is even true within relatively small geographic variances. The East Bay real estate scene does not mirror San Francisco or Silicon Valley, let alone other parts of California.

Always be assured that we continue to monitor the local housing and economic markets closely to best help and advise you regarding any aspect of buying or selling a home. If you have any questions, please don’t hesitate to contact us and be assured that we will always respond quickly.

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