In September, the Federal Reserve lowered its benchmark rate for the first time since 2020, a positive development for the housing market, with analysts expecting further cuts by year-end. Inflation has reached its lowest point in 3.5 years, and consumer confidence has improved for the fourth consecutive month. While mortgage rates dropped in early October, a strong jobs report caused a temporary spike. Experts anticipate rates will continue to decline in Q4.
Though sales increased in September, buyer demand has not rebounded as strongly as expected, with many waiting for further rate drops. New listings surged in September, offering buyers the widest selection of homes since late 2023. October is a critical month for sellers, with price reductions common as they aim to close deals before the winter slowdown.
Reach out to Marks Realty Group if you have any questions, we are here to help you.
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