Jason Murdock - San Francisco Bay Area | July 2023 Market Report by California Concierge

July 2023 Copyright by KW Advisors 2023

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That's the question you should be asking yourself.

Our market is incredibly diverse and rapidly changing. Values vary not just by neighborhood but by street. Your home isn't necessarily worth what your neighbors' home is. It's the current market that sets the value of your home. in

Icanhelp... Contact me for a confidential, no obligation assessment of your home's value.

today’smarket?

What’syourhome reallyworthin

TwoQuestionsToAsk YourselfifYou’re ConsideringBuyingaHome

If you’re thinking of buying a home, chances are you’re paying attention to just about everything you hear about the housing market. And you’re getting your information from a variety of channels: the news, social media, your real estate agent, conversations with friends and loved ones, overhearing someone chatting at the local supermarket, the list goes on and on. Most likely, home prices and mortgage rates are coming up a lot.

To help cut through the noise and give you the information you need most, take a look at what the data says. Here are the top two questions you need to ask yourself about home prices and mortgage rates as you make your decision:

1. Where Do I Think Home Prices Are Heading?

One reliable place you can turn to for that information is the Home Price Expectation Survey from Pulsenomics – a survey of a national panel of over one hundred economists, real estate experts, and investment and market strategists.

According to the latest release, the experts surveyed are projecting slight depreciation this year (see the red in the graph below). But here’s the context you need most. The worst home price declines are already behind us, and prices are actually appreciating again in many markets. Not to mention, the small 0.37% depreciation HPES is showing for 2023 is far from the crash some people originally said would happen.

Now, let’s look to the future. The green in the graph below shows prices have turned a corner and are expected to appreciate in 2024 and beyond. After this year, the HPES is forecasting home price appreciation returning to more normal levels for the next several years.

So, why does this matter to you? It means your home will likely grow in value and you should gain home equity in the years ahead, but only if you buy now. If you wait, based on these forecasts, the home will only cost you more later on.

2. Where Do I Think Mortgage Rates Are Heading?

Over the past year, mortgage rates have risen in response to economic uncertainty, inflation, and more. We know based on the latest reports that inflation, while still high, has moderated from its peak. This is an encouraging sign for the market and for mortgage rates. Here’s why.

When inflation cools, mortgage rates generally fall in response. This may be why some experts are saying mortgage rates will pull back slightly over the next few quarters and settle somewhere around roughly 5.5 and 6% on average.

But, not even the experts can say with absolute certainty where mortgage rates will be next year, or even next month. That’s because there are so many factors that can impact what happens. So, to give you a lens into the various possible outcomes, here’s what you should consider:

If you buy now and mortgage rates don’t change: You made a good move since home prices are projected to grow with time, so at least you beat rising prices.

If you buy now and mortgage rates fall (as projected): You probably still made a good decision because you got the house before home prices appreciated more. And, you can always refinance your home later on if rates are lower.

If you buy now and mortgage rates rise: If this happens, you made a great decision because you bought before both the price of the home and the mortgage rate went up.

Source: Keeping Current Matters

Alam

What's in th

There were 1,496 providing 1 month new listings, and 6 price of $1.3m. Th was 108.6%, with a market.

There were 686 co sale, providing 1 5 were 686 new listi median sale price percentage was 10 on the market.

1,496 New Listings

668 Sold Listings

1 Months of Inventory

$1.3M Median Sale Price

108.6% Median Sale vs List

16 Avg Days on Market

SFH Single-Family Homes

686 New Listings

216 Sold Listings

1.5 Months of Inventory

$730K Median Sale Price

103% Median Sale vs List

19 Avg Days on Market

COND Condo & Townh

Townhomes onths, year-over-year Jun2022 Jul2022 Aug2022 Sep2022 Oct2022 Nov2022 Dec2022 Jan2023 Feb2023 Mar2023 Apr2023 May2023 Jun2023 4000 3000 2000 1000 0 Jun2022 Jul2022 Aug2022 Sep2022 Oct2022 Nov2022 Dec2022 Jan2023 Feb2023 Mar2023 Apr2023 May2023 Jun2023 1500 1000 500 0 AlamedaCounty JUNE 2022 - JUNE 2023 Single-Family Homes

12 months, year-over-year. LISTINGS FOR SALE SOLD LISTINGS

Last

Median SalesPrice

Single-Family Homes

The median sales price has decreased from $1 4m last June 2022, to $1 3m as of June 2023

Condos & Townhomes

The median sales price has decreased from $778k last June 2022, to $730k as of June 2023.

Overbids

Single-Family Homes

The overbid percentage has decreased from 112 9% last June 2022, to 108 6% a year later

Condos & Townhomes

The overbid percentage has decreased from 105.4% last June 2022, to 103% a year later.

Single-Family Homes

The average time spent on the market went down from 19 days last June 2022, to 16 days as of June 2023

Condos & Townhomes

The average time spent on the market remained the same with 19 days in June 2022, to 19 days as of June 2023

Back to Table of Contents Jun2022 Jul2022Aug2022Sep2022Oct2022Nov2022Dec2022 Jan2023Feb2023Mar2023Apr2023May2023Jun2023 $1,500,000 $1,000,000 $500,000 $0 Jun2022 Jul2022Aug2022Sep2022Oct2022Nov2022Dec2022 Jan2023Feb2023Mar2023Apr2023May2023 Jun2023 50 40 30 20 10 0 Jun2022 Jul2022Aug2022Sep2022Oct2022Nov2022Dec2022 Jan2023Feb2023Mar2023Apr2023May2023 Jun2023 125% 100% 75% 50% 25% 0%

AVGDays OntheMarket

Contra Costa

What's in the Contra Costa data?

In June, Contra Costa had 791 single-famil homes for sale with 889 new listings, resul 1.2 months of inventory. The median sale p increased to $930k. The median overbid re steady at 102 2% The average time spent market was 19 days.

There were 265 condo and townhome unit sale, with 194 new listings, providing the m with 1.6 months of inventory. The median s price increased to $628k. The median over remained steady at 100.2%. The average ti spent on the market was 24 days

930K an Sale Price 17 d Listings s single-family homes, condos and townhomes in the California Area above from June 2022 to June 2023. This may include was gathered. All data is deemed Copyright KW Advisors San Francisco | Napa Valley 2023. Each office is independently owned and operated.

Days on Market

265 New Listings

Months of Inventory $628K Median Sale Pric 100.2% Median Sale vs List 24 Avg Days on Marke 194 Sold Listing CONDO Condo & Townhome

1.6

LISTINGS FOR SALE SOLD LISTINGS

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