Across the Bay Area, home sellers are dropping their prices as inventory rises

The Bay Area has more homes on the domain than during last summer but buyers just aren t biting Related Articles US home sales ran below average in May with prices at record high Top home deals in Alameda Piedmont and Oakland the week of June Which San Jose homes had the best prices the week of June Fremont What were the best deals for homes sold the week of June In the week of June top list Best home deals in Oakland Across the nine-county region home sales remained slow in June quashing the real estate industry s hopes that might certainly be the year the territory recovers from a three-year slump Sellers getting desperate are starting to lower their prices In Contra Costa and Alameda counties one in every three homes for sale saw a price drop in June In San Mateo and Santa Clara counties it was one in every two homes according to Redfin facts If you re a seller and think the number your neighbor got in is what you re going to get in the modern day you ll be disappointed declared Victoria Tseng a real estate agent based in Berkeley Sellers are looking at where the territory was a sparse years ago and agents are warning them that the territory isn t there disclosed Jill Toler a San Jose-based agent If we re not getting offers we need to put the home at a different price That could mean buyers have more negotiating power right now that is if they re willing to swallow the still high prices While lower than their peak in April prices remain much higher than they were before the pandemic according to in the past few days issued records from the California Association of Realtors The median sale price of an existing single-family home in the nine-county region remained million in June also unchanged from the same time last year The median home price was in Contra Costa County million in Alameda County million in San Francisco million in San Mateo County and million in Santa Clara County The June statistics typically reflects purchases decided in May or April that closed at certain point in June The high prices plus mortgage rates above have pushed homeownership out of reach for multiple Bay Area buyers President Trump has been pressing Federal Reserve Chair Jerome Powell to cut interest rates though the central bank is widely expected to leave rates in place when they meet in the coming days as the Fed looks to tamp down persistent inflation On social media Wednesday Trump laid blame for the sluggish housing sector with Powell Housing in our Country is lagging because Jerome Too Late Powell refuses to lower Interest Rates he posted Families are being hurt because Interest Rates are too high The president s pressure campaign is highly strange and has ignited questions over whether the Federal Reserve can preserve its independence from the executive branch Mortgage rates are correlated with the Fed s interest rate but aren t directly tied to it For a buyer putting down on the median Bay Area home the rate for a -year mortgage translates to a monthly payment versus when rates were at just during the pandemic Those higher monthly payments mean those who can buy are taking their time to find the right property Buyers are choosy they want a home that s move-in ready and cleaned up Toler declared She advised buyers to be wary of the classic refrain used by real estate agents Marry the house date the rate Buy the house you can afford Toler mentioned Don t overspend To afford a home particular buyers are resorting to creative solutions like splitting the cost with a friend Architect Craig Wora and his friend Eduard Lucas decided to look for homes together earlier this spring Tseng their agent helped them find a tri-level condo in San Francisco s SOMA district listed close to million It was the first home they saw and they decided to put in a bid slightly over asking taking advantage of the less-competitive area By combining their savings the friends were able to put together a down payment on the home which also helped them save on their monthly mortgage costs Together they pay for their mortgage about the same price they paid when they were renting together Compared to when I bought a house in in the Bay Area the conditions is more relaxed stated Wora who moved into his home in May Especially for condos we saw a lot of inventory on the region Across the Bay Area inventory is up from the same time last year CAR figures shows With more options to pick from buyers aren t jumping on homes as briskly The median time on area has increased to days up from days last June The sector is inevitably slower in the summer disclosed Casey Sternsmith an agent based in Burlingame We re just not seeing that movement