The region set a record price of $1.5 million in April 2022.
Visitors tour a home for sale along 62nd Street during an open house event on Sunday, Feb. 25, 2024, in Oakland, Calif. The three bedroom home was listed at $1,495,000. Yet prices kept climbing across most of the region last month despite stubbornly high mortgage rates, a potential preview of the traditionally busy summer homebuying season now underway.. That’s a 12% spike from a year ago and a 1% increase from April — closing in on the record $1.
Home prices in the South Bay and on the Peninsula saw the biggest jumps, even after cresting $2 million this spring. “Silicon Valley is its own economy,” Hamilton said. “You cannot compare Silicon Valley to the rest of California. You will continue to see that demand out there.” “It’s encouraging for buyers to see some price stabilization, but the fact that buyers are still willing to participate in the market speaks to the desire for homeownership in the East Bay,” he said.
The reason for the shortfall? While buyers may have grown accustomed to the higher rates, many sellers have not. Especially those unwilling to give up the sub-3% mortgages they locked in during the peak of the pandemic home-buying boom.But mortgage rates have started to drop in recent weeks, on signs of cooling inflation and expectations that the Federal Reserve could soon cut the economy’s benchmark lending rate.With a baby due in July, a South Bay couple searches for their first home.
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