In 2024, the Bay Area saw a 9% increase in home sales after a weak 2023, which recorded the lowest sales in 15 years. The rise in activity is attributed to buyers and sellers adjusting to high interest rates around 6.5%. Although the median sales price increased by 6.6%, experts warn that the market may not return to pandemic-era heights, as many sellers are reluctant to enter due to existing low mortgage rates. Overall, significant changes in commission structures have also occurred amid industry scrutiny.
After a sluggish 2023, Bay Area home sales rose 9% in 2024, signaling a recovery amid high interest rates, though the market may never regain peak levels.
The main challenge remains high interest rates around 6.5%, which are discouraging potential sellers from entering the market, leading to reduced movement.
Real estate agents report the market is recovering but caution that prices may not return to the highs seen during the pandemic, impacting seller motivations.
The median home price increased by 6.6% year-over-year across the Bay Area, indicating some resilience despite broader market challenges and sluggish sales.
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