In a constantly evolving market, data is king (or queen). Regardless of where your home falls on the price spectrum, one key performance indicator for the housing market is luxury sales, which reached historic highs in the spring. But just a few months later, numbers are down year-over-year:
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In a rapidly changing market, more data is always useful. One strong market indicator in the Bay Area is luxury sales — properties over $3M — which hit historic highs in Spring 2022. However, pending sales have dipped year-over-year. Have a look at this graph for more numbers.
Continuing a trend we’ve been seeing since ringing in the new year, Santa Clara County house and condo sales volume was down in May compared to one year ago. This led to a jump in the median sales price and a dip in average days a property is spending on the market. We’ll see if this seller’s market keeps up in June, or if higher interest rates lead to a sales pause.
With the Fed about to increase interest rates another three-quarters of a point, Wall Street is reacting, and not in a good way. The Dow Jones lost 876 points Monday — or nearly 3 percent — Nasdaq fell 4.7%, and the S&P 500 lost nearly 4%. Overall, the market is down 20% since January. Want to get more numbers? Have a listen to the PBS News Hour.
