Will home prices drop in 2022 Bay Area?
On a regional basis, the steepest drop has occurred in the volatile Bay Area, with San Francisco home prices down a chilling 4.3% from the May 2022 peak, as of July 2022. At the national level, home values slipped by 0.3% in July 2022, according to Zillow.
Is it a good time to buy a house in the Bay Area right now?
Our updated 2022 forecast anticipates that demand will continue decelerating through the summer, providing breathing room for the inventory recovery to accelerate. As a result, this fall could be an opportune time to find a home… That’s reason #1 why 2022 is still a good time to buy a home in the Bay Area.
Is the real estate market cooling in the Bay Area?
Since the Federal Reserve began raising the cost of borrowing in March in a bid to slow inflation, mortgage rates have risen accordingly, squeezing many buyers out of the housing market and cooling the Bay Area’s record-setting pandemic real estate market.