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As of late Spring, across the Bay Area, less expensive home sales have been considerably impacted by rising interest rates. Sales of higher price homes have held up much better – Lamorinda is a very affluent market – but cooling demand is beginning to show up in pending sale data.
The post Lamorinda Home Prices, Market Conditions & Trends June 2022 first appeared on PEB.
When hot markets shift cooler, effects are typically first reflected in reductions in multiple offers, overbidding and the number of homes going into contract; gradual increases in active listings and time-on-market; and gradual declines in year-over-year appreciation rates.
The post Lamorinda Home Prices, Market Conditions & Trends May 2022 first appeared on PEB.
If both interest rates and home prices soar, there is a double whammy on housing affordability. It is very difficult to accurately predict interest rate changes: 3 months ago, Freddie Mac predicted an average, 30-year, fixed rate of 3.6% for 2022; at the end of March, it hit 4.67%.
The post Diablo Valley Home Prices, Market Trends & Conditions April 2022 first appeared on PEB.
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For buyers financing their purchase, interest rates play an enormous role in monthly housing costs. Depending on the speed and scale of changes, declining interest rates can help supercharge demand, as they did in 2021, while rapidly increasing rates typically cool the market, as occurred in the 2nd half of 2018.
The post Lamorinda Home Prices, Market Conditions & Trends April 2022 first appeared on PEB.
In the Bay Area the “spring” market can begin in February. Compared to the general market, luxury home buyers tend to be less sensitive to interest rate movements, but more sensitive to turbulence and uncertainty in financial markets.
The post Lamorinda Home Prices, Market Conditions & Trends February 2022 first appeared on PEB.