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Strategist
2017 Jun 22, 4:46pm
Strategist
2017 Jun 22, 4:46pm
Prices here in the Bay Area keep going up but it appears sales have decreased year over year.
Is anyone surprised? If so, you forgot to take Econ 101.
Prices here in the Bay Area keep going up but it appears sales have decreased year over year. Undoubtedly interest rates and insecurity in the economy is having some effect on the housing market. I have been seeing some price reductions to the tune of $10k to $15k but perhaps that's due to listing prices? Anything within the $500k-$600k entry level market gets lots of interest out here in central Contra Costa.
http://www.mercurynews.com/2017/06/22/bay-area-home-prices-hit-new-record-high-in-may/
Interest rates peaked in December after the election and aside from a spike in March they've been on the decline again. The long term trend down is still in effect. Does it appear they'll continue the descent from the recent peak? If so I got to believe lower rates will breath some life into the housing market again.
https://fred.stlouisfed.org/graph/?g=NUh#0