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According to Redfin, the “fastest cooling housing markets” in the U.S. include: San Jose (1), Sacramento (2), Oakland (3), Stockton (5), and San Francisco (10). All were down significantly in pending sales.
Meanwhile, prices dropped slightly: San Francisco at 0.1 percent, San Jose at0.77 percent.
Rising mortgage rates continue to price many homebuyers out of the market. However, analysts say that low inventory will keep prices from dropping signficantly.
The San Jose Mercury News reports home sales in November were at their lowest level since 2007-08 in both the East Bay and South Bay. Part of the reason may be attributed to there being fewer days to record sales – 17 as opposed to the more common 19 days. However, low inventory, high prices, and difficult to get loans were also a significant factor.
Demand remains high as clearly reflected in the rise in prices over the course of 2014. In San Mateo County home prices reached an all-time high in October and likewise in Santa Clara County in June. Alameda County came within 4.4 of a record high while Contra Costa County remained 35 percent below it’s peak.
Many agents predict that demand will remain high as would-be buyers try to escape rising rents and purchase a home before interest rates increase, as they are projected to do in 2015.
