The Bay Area housing market is experiencing a sluggish spring season amid high interest rates and economic uncertainty due to President Trump's trade tariffs. Despite a generally strong market, existing home sales dropped by 8.2% in May compared to last year. Many potential buyers paused their searches, contributing to increased inventory levels—a 53% rise from the previous year. Although the median sales price remains relatively stable at $1.4 million, there is a noticeable decline in buyer activity and confidence.
Even though the number of views online has been consistent with the beginning of the year, buyers' willingness to pull the trigger and write offers has changed significantly.
Agents say a number of buyers hit pause on their search in April, when Trump announced a bevy of tariffs on foreign goods.
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