Austin KlarVanguard Properties · Lawyer Turned Real Estate Agent

SF Home Prices Rise Even With Higher Interest Rates -- April 2024

Name: SF Home Prices Rise Even With Higher Interest Rates -- April 2024
Uploaded: 2024-05-24T01:00:20+00:00
Duration: 42 s
Channel: Austin Klar
Description: In this brief market update, Austin Klar reports that San Francisco's single-family home market has remained robust despite interest rates climbing above…

24 May 2024 · 1 min

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In this brief market update, Austin Klar reports that San Francisco's single-family home market has remained robust despite interest rates climbing above 7.5%. The monthly supply of homes is only 1.2 months, far below the neutral 4‑5 month range, indicating a strong seller's market. Both average and median sale prices increased month‑over‑month and year‑over‑year. Homes are selling for about 5% above the asking price and are closing in roughly 22 days, faster than the previous month and faster than the same period last year. Klar invites viewers to follow him for ongoing housing market insights.

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The single-family home market in San Francisco has proved incredibly resilient to higher interest rates. Even though interest rates breached 7.5% last month, monthly supply of single-family homes stayed steady at 1.2 months. This means it would take just 5 weeks to sell out of all existing inventory if no new inventory came to market. And for perspective, a neutral market is somewhere in the 4 to 5 month range. So we are firmly in seller's market territory even with higher rates. With strong demand and tight supply came rising prices. Both average and median sale prices rose month over month and were higher than the same time last year. And homes that sold received on average 5 above their ask, same as last month, and higher than the proportion that we saw last year. And those homes sold in just 22 days, faster than last month and faster than April of last year. Follow me for more San Francisco housing market updates.