March 2024 San Francisco Real Estate Market Report
Welcome to the spring real estate market—arguably, the busiest time of the year for homebuyers, sellers, and agents alike! With interest rates on the decline and the warm, sunny weather making a comeback, the housing market is buzzing with transactions and activity.
Without further ado, let’s get into the March Market Report:
Surge in Sales Volume:
Buckle up for a surge in sales volume as we head into the spring months.
The latest data reveals a whopping 32% increase in sales compared to last year. And trust me, the momentum is only getting started!
San Francisco Market Insights:
Explore the dynamic San Francisco market with our insightful graphs. I'll uncover the trends shaping the city's real estate landscape. Plus, don't miss the deep dive into condo price trends since 2005 for a comprehensive view of the market.
San Francisco Higher Priced Home Sales - The number of higher price sales typically ebbs and flows dramatically by season, with spring being usually the biggest selling season.
Year-over-year, the 3-month-rolling San Francisco median house sales price in February 2024 was up a little more than 2%. On a single-month basis (instead of 3-month rolling), it was up about 10%.
San Francisco Condo Price Trends since 2005 - Median sales price is that price at which half the sales occurred for more and half for less. It is a very general statistic, often affected by other factors besides changes in fair market value. Monthly and seasonal fluctuations are common, and longer-term trends are more meaningful than short-term changes.
Mortgage Interest Rates Update:
Curious about current mortgage interest rates? Look no further, where I'll break down the latest figures with some data.
Monthly Mortgage Interest Rates - Per Freddie Mac (FHLMC), on March 7, 2024, the weekly average, 30-year interest rate ticked down to 6.88%. (For 15-year loans, the rate ticked down to 6.22%.) Rates can vary widely between lenders.
And for some noteworthy news:
Dive into the latest developments in the NAR lawsuit with my podcast episode. I'll unravel the essential details and explore how this lawsuit could impact the real estate landscape.
