In May, Monterey County's median home price fell to $897,000, marking a 12% decline from the previous year. This decrease is influenced by ongoing high mortgage rates, currently around 6.75%, causing buyers to hesitate. Homes are taking longer to sell, averaging 17 days on the market, while closed sales dropped by 22%. Despite a 22% increase in inventory, many sellers are adjusting prices as they confront changing market dynamics and buyer preferences, demonstrating a notable shift in seller attitudes compared to previous years.
The median cost of a single-family home in Monterey County dropped by 12% to $897,000 due to higher mortgage rates leading to fewer buyers.
As interest rates remain between 6-7%, sellers are reassessing their pricing strategies as more homes enter the Monterey County market, despite fewer qualified buyers.
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