October was a strong month for California’s housing market, with both home sales and median prices seeing increases from the previous month and year. Statewide, sales of existing single-family homes reached an annualized rate of 264,870, up 4.7% from September and a notable 9.5% from October 2023. California’s median home price climbed to $888,740, reflecting a 5.8% year-over-year increase and marking the largest September-to-October price gain in 45 years.
While statewide trends offer a positive outlook, the San Francisco Bay Area saw some of the most significant growth across California. October sales in the region surged 16.2% year-over-year, outpacing all other major regions in the state. The Bay Area’s median home price rose 3.6% from last year to $1,315,000, fueled by steady demand and limited inventory.
County-by-County Breakdown:
- Alameda: Sales jumped 23.1% year-over-year, with the median price up 2.1% to $1,266,000.
- Contra Costa: Median prices grew 5.4% to $869,500, with sales increasing by 10.8%.
- San Francisco: Sales soared 23.2%, and the median price rose 6.1% to $1,750,000.
- Santa Clara: Prices saw a 10.2% year-over-year increase to $1,990,000, with sales up 15.6%.
- Marin: Sales spiked 25.7%, but the median price dipped slightly by 0.7% to $1,700,000.
Despite fluctuating interest rates, demand remains robust, especially in higher-priced segments, where the Bay Area continues to thrive. Unsold inventory levels in the region decreased to 2.1 months, underscoring the competitive nature of the market.
Looking Ahead
As we head into the holiday season, inventory levels may rise, but demand is expected to stay strong, driven by motivated buyers taking advantage of seasonal opportunities and anticipated gradual rate declines.
If you’re considering buying or selling a home in the San Francisco Bay Area, now is a great time to strategize. Our team at Bay Area Modern Real Estate has a proven track record of achieving outstanding results for our clients, even in competitive markets.
Contact us today for personalized advice and expert assistance. We’re here to help you navigate the Bay Area’s dynamic real estate landscape and achieve your goals.
