Published January 31, 2022
January 2022
It was a very slow housing start this January compared to last year, but boy have prices jumped. In January 2022, 16 single family homes were sold with an average sale price of $1,538,769 whereas in January 2021, 24 homes were sold at an average price of $1,250,250. That's a 23% jump folks and with the Fed raising interest rates, unaffordable homes will become more unaffordable. Fortune Magazine reported on January 31st that Wall Street predicts more than 7 rate hikes this year. Are you kidding me? Indeed, there will come a time that buyers will say enough is enough. They will stop buying for a while and sellers will be the last ones to know.
Does anyone remember the market ten years ago when a single family house cost $532,000? Of course, it was really hard to get a loan back then because the worldwide financial crisis was happening. But what a difference ten years make where the average Alameda house has nearly tripled in value to approximately $1,538,769.
