Housing demand remained strong in the SF Bay Area, but the effects of rising interest rates will be here soon. In San Mateo County the median sales price was up 4.5% from last quarter for single family homes and 5.56% for condos/townhomes. There were less listed for sale and less sold compared to last quarter. Where are we going? Looks like there may be more choices for buyers, but at a higher cost, mostly due to rising interest rates/purchasing power. There may be less multiple offers and for sellers who need to sell, lower acceptance prices. If you’re thinking of buying, might be best to do so real soon.
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