May 2022

Rising interest rates and home prices are hitting affordability hard so fewer buyers and offers are showing up. Instead of seeing ten offers on a property, we're now seeing just one or two even with the artificial low list price strategy. Even so, prices continue to rise because there is still so little supply on the market, but that's changing. Nationally, the supply of homes for sale jumped 9% last week compared with the same period a year ago, according to Realtor.com. That is the biggest annual gain the company has recorded since it began tracking the metric in 2017. Sellers are rushing to market after realizing the market has peaked. In Alameda, the number of homes for sale increased 34% from March to April. Buyers, this is the market blip you've been waiting for!