Per Freddie Mac (FHLMC), on June 9, 2022, the weekly, average, 30-year interest rate was 5.23%. At the end of 2021, the 30-year rate was 3.11%. The historic low of 2.65% was in January 2021. In November 2018, the rate was 4.94%.
While the weekly average interest rate for a 30-year fixed-rate mortgage was 5.23% (up 68% from 3.11% on 12/30/21), and the 15-year rate was 4.38%. In November 2018, the 30-year rate was 4.94%, and in 2007, it was 6.3%. The all-time low was in January 2021 at 2.65%.
A. San Francisco
June Stats 2022
As of June 1, 2022, there were 1, 362 active and coming soon listings posted to MLS: 76% of these listings were condos, co-ops, and TICs, and 24% were houses. Comparing to the snapshot measure of how many active listings can be expected from May 2022 with May 2021, the number of active listings on a given day of the month was up 23%.
The number of listings accepting offers is a leading indicator of sales volume in the following 3 to 6 weeks.
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B. Santa Clara County
June Stats 2022
Since May 2021, year-over-year median house sales price appreciation rates have remained very high, running between 16% and 25%.
Comparing the 3-month rolling median house sales price with the same period of the previous year to calculate the percentage change. Median sales prices can be affected by a variety of factors other than changes in fair market value, as can year-over-year appreciation rates.
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C. San Mateo County
June Stats 2022
The number of active listings on market on a given day is affected by
1) how many new listings come on the market
2) how quickly buyers purchase them
3) the sustained heat of the market over time, and
4) how many sellers pull their homes off the market without selling.
The number typically ebbs and flows by season.
Comparing May 2022 with May 2021, the number of listings accepting offers was down about 30%.
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D. Stanford Circle
June Stats 2022
As of June 1, 2022, the number of active/ coming-soon home listings posted to MLS equaled a 7-week supply of inventory as compared to the pending-sale rate in May. 118 of the active listings we repriced at $5 million and above. Generally speaking, under 3 months of inventory is typically considered a “seller’s market.”
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E. Tri-Valley South Alameda
June Stats 2022
Higher-price home sales skyrocketed in spring 2022, bucking the general decline in sales volume. If sales of less expensive homes decline while higher-price home sales increase, as has occurred this spring, it plays a role in lifting median sales prices (and year-over-year appreciation rates). Those homes which do sell, on average, continue to sell at high percentages over the asking price.
Overbidding generally reflects buyers competing for listings, and is a reflection of demand. 110% signifies an average sales price 10% over the asking price. 98% =an average sales price 2% below the asking price. Sales in one month, to a large degree, reflect accepted offer activity in the previous month.
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F. Marin County
June Stats 2022
Sales of less expensive homes have, so far, been more negatively affected than higher-price home sales (which increased), but the decline in demand, as seen in the number of listings accepting offers, has been accelerating in higher price segments too. “Listings accepting offers” is a more up-to-date indicator than closed sales. Such as a house, condo, and townhouse sales and listings are accepting offers as reported to NorCal MLS Alliance, per Info sparks.
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G. North Contra Costa
June Stats 2022
The region contains cities and neighborhoods of widely varying values. Median prices are generalities, most useful to discern broad market trends. They can be affected by other factors besides changes in fair market value.
Covering Contra Costa County north of Richmond/El Cerrito in the west, and
including Walnut Creek and north in the east. The peak in year-over-year median house sales price % appreciation rates occurred in the spring-summer of 2021, but prices have continued to increase rapidly since.
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