August results are in!
Home sales slowed, and we are still in a seller’s market
Mortgage rates are up and we have seen home sellers take price reductions we haven’t seen in years. As a result, if you are looking to buy a home, in many markets you can now get way more house for the total purchase price, than just 5 months ago (something we are definitely seeing in high-end Bay Area markets in particular).
And – apparently a lot of homebuyers realize this, as quality home inventory remains very tight! FAR TIGHTER than what we saw prior to the 2008 crisis!
August 2022 home sale results:
- Sales were expected to drop 2.5% month over month, but instead fell only 0.4% from July 2022
- Long story short: Sales slowed down WAY LESS than expected, despite much higher rates
- Sales are down 20% year over year, but that is compared to near record numbers last year
- Months of housing supply in the Bay Area Markets: 1.9 months
As a reminder: a healthy supply of inventory is 6 months of inventory. So, we are not even close to an oversupply of homes for sale – which is necessary for major price declines to occur
Homeowners, curious what your home might be worth right now? Click below for an estimate.