Market Pulse October 2024: Mortgage rates are fluctuating like autumn leaves in the breeze, but East Bay real estate remains steady

Mortgage rates over the year did fall from the 7.7% height they hit in October 2023, drifting closer to the lower 6% range over August and September as the anticipated Fed rate cut hit. However, as of mid-October, mortgage rates have floated back up to 6.44% for a 30-year fixed loan.

According to Realtor.com Senior Economist Ralph McLaughlin, “While we expect the long-run trend in mortgage rates to be downward, recent weeks have brought volatility,” indicating that this fluctuation could last several more weeks.

In the East Bay, real estate activity has been relatively steady as rates are in flux. The shift into the fall season has brought an uptick in sellers listing their homes in many cities across Alameda and Contra Costa counties. While some may be on pause awaiting upcoming election outcomes and approaching holidays, many motivated buyers and sellers will still be transacting.

Cameron Platt, Abio Properties Broker, notes, “We are advising our agents and their motivated buyer clients to consider the long-term benefits of ownership when considering interest rates and the overall market conditions. With a recent influx of properties hitting the market, and longer than average times on market, there are more sellers than usual who may be willing to accept offers at prices that are lower than advertised or expected.”

For buyers who are ready to make their move, with more listings and less competition, this fall could have some golden opportunities for some.

Sources: Realtor.com, Forbes.com, Cameron Platt/Abio Properties

East Bay Market Snapshots: Single family homes, condos, and townhomes as of October 2024

Here is the latest market data from around the East Bay for single-family homes, condos, and townhomes available as of October 2024.

Alameda County - Single Family Homes

Alameda County - Condos & Townhomes

Contra Costa County - Single-Family Homes

Contra Costa County - Condos & Townhomes

Sources: Bay East Association of Realtors and Contra Costa Association of Realtors.

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