February marked a turning point in the Bay Area housing market with a significant surge in inventory, reaching levels not seen since before the pandemic. Inventory increased by 52% year-over-year, enabling more moderate price growth compared to previous years. The median price for single-family homes slightly declined to $1.25 million, driven by high inventory and a broader economic climate that includes a struggling stock market and elevated interest rates, which have dampened buyer enthusiasm. Market observers hope this trend will lead to stronger sales in the forthcoming spring season.
The increase in inventory, which was up 52% year-over-year in February, has outpaced sales, helping to keep price growth more modest.
The median price of a single-family home declined slightly to $1.25 million in February, down half a percent from a year prior.
Buyers have been slower to seize upon an increased inventory due to the flagging stock market and persistently high interest rates.
There's an uneasiness among buyers, as many rely on stock market value for down payment and qualifications.
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