August 2022

Alameda buyers are still experiencing a shockwave from how mortgage rates nearly doubled in a matter of months. May was a major turning point in the housing market and this has led to price instability. This makes it difficult for buyers to plan for what typically is their largest asset purchase. Some buyers however appreciate that less competition makes it more possible than ever to purchase a home. In the larger market according to the World Property Journal, in a further sign that the housing market continues to weaken, new home sales in July fell to their lowest level since January 2016, matching declining builder confidence since the beginning of the year as new home building projects are being delayed and housing costs and mortgage interest rates increase. In Alameda, homes sales have decreased from 42 single family homes sold in August 2021 to 30 sold homes in August 2022 which equates to 29% fewer homes sold year over year. In terms of sale price, the average sold price last month is 7% more than August 2021. Expect September's inventory to be much higher as it's common for agents to hold back their inventory during the slow summer month of August. We have the resources to help any homeowner make a quick sale for top dollar. The Guy Blume Group makes it easy!