BUYER ACTIVITY POSITIVE AMID SEASONAL SLOWING<\/span><\/strong><\/h3>\nFollowing a strong October, the SF Bay Area housing market slowed somewhat in November. Seasonal trends typically take hold this time of year, leading to fewer sales and listings remaining on the market for longer. Even though the average 30-year fixed mortgage rate increased by roughly 70 basis points in November, buyer activity remained positive. The regional economy remained strong even as job creation slowed modestly. With an unemployment in the low-4% range, the labor market is tight for most industries. As more tech workers are required to return to the office, and SF Bay Area commute times worsen, many potential home buyers focused on inner SF Bay Area cities<\/span><\/p>\n<\/div>\nDuring November, more than 3,200 homes sold throughout the SF Bay Area. As is typical for November, sales activity slowed from October. However, sales were 17% higher than one year ago, underscoring the deep demand for housing and also that buyers have acclimated to current mortgage rates. Sales increased from 2023 in all SF Bay Area counties, with the largest increases recorded in Santa Clara and Santa Cruz counties. In Santa Clara and Santa Cruz counties, sales increased the most from the last year in the $3.5 to $5 million price range. Overall, sales activity in inner SF Bay Area neighborhoods continued to outperform suburbs farthest from job centers. This highlights the continued focus by buyers on proximity to workplaces as more firms require employees to return to offices and traffic congestion increases.<\/span><\/p>\n![\"California](\"https:\/\/www.thomashenthorne.com\/wp-content\/uploads\/2024\/12\/California-mortgage-rates-chart-2-600x297.jpg\")
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