How much does a pool add to the value of a home? It depends.

With interest rates finally on the decline, will we see an unseasonal spike in interest in August?

Very affluent households have been playing an outsized role in the housing market since late 2023 (when financial markets began their rebound).

Exiting the spring selling season, the market was the strongest since mid-2022.

As is typical for this time of year, Sacramento’s real estate market is hitting its peak, with somewhat higher inventory and sales than last year at the same time.

Home prices, sales volume, luxury sales, the number of new listings, and overbidding all increased as the market moved deeper into spring — but so did price reductions.

Based on current indicators, it appears almost certain that significant home price increases will continue in Q2 2024

A wide variety of indicators point toward a strong spring selling season.

Yes, interest rates have been a factor, but there’s much more.

With a slight decline in rates, and predictions of more reductions to come, the market is thawing … slightly.

Buyers and sellers are re-engaging to a much greater degree, and the velocity of the market is accelerating.

Dramatically improving economic indicators suggest a brighter 2024 housing market.

Declining mortgage rates and deflated home prices may make this a favorable time to buy.

Prices are overall up, while total number of sales and days on market (DOM) are significantly down, reflecting the tightness of the market.

Interest rates jumped to their highest point in 23 years, but by November 3rd, they had seen a near-record decline.

Q3 median house sales price was down about 6.5% from Q3 2022, and the median condo price down about 4%.

We expect to see substantial activity this fall. Historically speaking, Luxury home listings in San Francisco commonly see a particularly large spike in autumn sales.

The overall consensus is that rates will come down in 2024. Some predict as early as 1st quarter of 2024 and rates dropping to as low as 4.9%.