Housing Settling Into a Steady State
The September housing numbers from Dataquick are in and it seems to echo what I've been saying.
"The Bay Area real estate market seems to have settled into a steady state, with few indicators pointing to any upcoming change. Supply and demand seem stable. We are keeping an eye on rising mortgage interest rates which could slow things down somewhat before the end of the year," said Marshall Prentice, DataQuick president.
Inventory, which was previously rising, has flattened out for the time being and the result is a balanced market. It's the type of market where buyers are finding homes to buy and sellers are selling theirs in a reasonable amount of time.
The big wild card is interest rates. If they stay around 6%, we could see a very healthy housing market. But after seeing the recent inflation figures, I have a feeling rates are going to rise.
Keep your fingers crossed & I'll keep you informed.
On a similar note, I've teamed up with another agent in my office named Glen Bell & together we've been tracking listing data throughout the East Bay for the past couple months. I'm looking forward to posting some of our findings in the near future.