Monterey County's median home price decreased by 12% year-over-year to $897,000 in May 2023, amidst a challenging housing market characterized by a 30-year mortgage rate around 6.75%. Homes are taking longer to sell, averaging 17 days on the market, with 137 closed sales reported—a 22% decline from last year. The median income is $104,500, limiting potential buyers to homes around $340,000 despite increasing inventory. Real estate experts highlight shifting seller attitudes and changing buyer behaviors as key factors influencing this market adjustment.
Interest rates have not dropped as much or as quickly as some would like, leading many to put off buying a home. Fewer qualified buyers combined with sellers on a timeline often contributes to decisions about price reductions.
The relative improvement to inventory suggests a shift in seller attitudes. Where a seller who bought or refinanced with lower interest rates could not imagine selling, the market dynamics are prompting changes.
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