The market continues to take shape for the end of 2023. Here are the key data points you'll want to keep in mind as you consider your housing plans:

Oct CPI came in lower than expected at 3.2%. This is great news for real estate and other assets.

As a result, the 10-year treasury yield, which directly correlates to consumer interest rates, has come down by .169 as of this morning. Given the 30-year fixed rate mortgage was at 7.58% yesterday, we expect rates to land around 7.4% today.

List to Sales in San Mateo County for single-family homes declined below 103% from the seasonal high of above 104%. The change is minimal however should accelerate heading into December 2023. Days on the market continue to be under a month.

List to Sales in San Mateo County for condos and townhomes has performed much worse than single-family homes. MTD November, list to sales has averaged below 98%, a sharp decline from over 100% a month earlier. Days on the market continue to be about 1.5 months.

San Mateo County single-family home inventory remains elevated relative to the year. November MTD sales have slowed down significantly. This is expected given the holidays combined with elevated interest rates. With that said, >50% of single-family homes sell per year relative to what is for sale.

San Mateo County condos and townhomes inventory also remains elevated relative to the year. Sales are <50% relative to what is for sale and have faired worse than single-family homes.

If 2023 is like your average year, prices will overall regress between June to December before picking up again in 2024.

Have questions about your home or specific situation? Reach out!