Rob Purnell
Dec 31, 20191 min
Mortgage rates have dropped over 1% since a year ago, vastly improving home affordability. (Saving ~$10,000/yr. on a median-priced home in Silicon Valley or SF.)
Median home prices are down across the Bay Area, but the real story lies in price segments. The luxury market (>$3M) has slowed considerably while the lower price segments continue to be quite competitive.
Well priced homes are selling quickly (about 3 weeks) at or over asking, but price reductions are becoming more common. Overpricing a home yields a lower average sales price than if the home had been well priced at the start.