2024 2nd Quarter Update

Q2 2024 results are in. Here are some interesting updates on the housing market.

Median pricing for the East Bay rose by 5% from Q2'2023. In hindsight, Q2'2022 median pricing was the recent peak.

The number of active listings are up in July - the highest in the last 2 years. It could be there are some properties sitting a little longer in certain cities like Oakland.

In 2023 and 2024 the sales volume has been lower as compared to previous years. This is largely due to the high interest rates. Our sales volume is 30% lower than pre-pandemic levels.

The Federal reserve rate remains the same at 5.25% - 5.5%. The Fed just met again and though they did not reduce the reserve rate -- they will continue to watch job growth and the inflation rate. The inflation rate in June was 3% which is a drop from 3.3% - this has been the lowest rate in 3 years yet remains higher than the Fed's target rate of 2%. I've been hearing from lenders that there could be a rate drop in September.