"If the number of days on the market goes down, that means homes are selling faster. A young couple searches for a first home in the Bay Area."
"Higher interest rates add to the monthly amount homeowners must pay, so often they act as a deterrent to home buying, slowing the market down."
"The Bay Area real estate market has had a wild ride starting in 2020, when mortgage interest rates plummeted to historic lows."
"The interest rate on a mortgage for a 30-year fixed loan now hovers above 6 percent."
In Vallejo, home prices rose to a median of $537,000 in February, reflecting a 5.6% increase from the previous year. Properties are selling faster, with the average time on the market reduced to 32 days. While demand remains strong, high mortgage interest rates above 6% and ongoing insurance challenges create obstacles for buyers. This situation presents a somewhat balanced market, where sellers retain favorable conditions, as indicated by local agents and real estate data firms.
Read at www.timesheraldonline.com
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