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.
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.
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