Our August market report is now available. Throughout August sales volume for the month rebounded from July's low, but still had challenges with increasing mortgage rates. For the month ~4,100 homes sold in the area, an increase of 9% from July but much lower than last year. Sales over $5M slowed for the third month in a row, the volatility in the stock market and decrease in expected IPOs, are some of the factors slowing down the market. The average time on the market for sold properties increased to nearly one month, up from a low of two weeks earlier this year. Nearly 40% of homes sold over list price, less than 50%, for the first time since early 2020. Discover more real estate trends for August 2022 below.
Read more on GoldenGateSIR.com
