Hey it’s Tanja with your Weekly Market Update for the San Francisco East Bay Area. This is for Brooklyn, Oakland, Piedmont, and Lamorinda for the week of August 3rd, 2022.
So are we in a recession? It’s debatable. Right? Everybody’s debating it. So what does that mean? Well I mean you know you remember that the Feds increased the interest rate for banks by three quarters of percent last week. But then what happened actually interest rates on mortgages take down? I’m not sure if that a reason for what I’m kind of seeing in the data here and again I’m looking every week and when you look every week it’s like you see movement but as to what the actual pattern is, we need more time points right for all that data. But what did happen in Oakland which I thought was pretty interesting and actually kind of across the board in the cities, right? The cities that regularly report on is months worth of inventory. Remember, that’s how we gauge whether how hot the market is. Months worth of inventory except for Berkeley single family homes actually kind of stay the same or dropped. So in Oakland the number of homes that were on the market kind of went down a little bit. You know why could that be? Maybe not as many homes came on the market. Maybe more homes went into contract. Well if we look at what happened with pending homes, actually a few more homes did go into contract. So whatever it was, whether it was because of that take down in mortgage interest rates, months worth of inventory did not go down just a bit, except for Berkeley single family homes.
- Months worth of inventory at Oakland is at 1.8 months worth of inventory which went down. Oakland condos have 2.9 months worth of inventory.
- Berkeley single family homes has 2.5 months of worth of inventory which went up half a month from last week. Berkeley condos remained the same at 1.6 months worth of inventory.
- Piedmont went down. Wow. From4.8 last week down to 2.6. Again small city. Very small tiny little sample.
- Lamorinda basically the same. It actually ticked up like at 1/10 of percent. Is that statistically significant? Probably not. 1.7 to now 1.8 months worth of inventory. Lamorinda condos dropped down 2/10 a percent from 1 last week to 8/10 of a month.
- Now San Francisco is the same. I had 1.9 months worth of inventory.
There’s still a hot seller’s market. So if you were pre-approved to buy a house before and then you stopped because those interest rates went up and that kind of scared you, you should come back in the market and buy a house because right now, competition is low. The hardest part about getting a house is getting the house. It’s not the interest rate. You know great mortgage rates follow bad economic news.
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