CoreLogic March 2019 Data Brief

“The Bay Area logged a normal, seasonal surge in home sales between February and March this year, but last month still marked the fourth month in a row in which sales were the lowest for that month in 11 years,” said Andrew LePage, a CoreLogic analyst. “The home sales recorded in March mainly reflect buyer purchasing decisions in February. This was after the end of the partial federal government shutdown as the stock market was trending higher while mortgage rates were trending lower, although rates fell further in March. Those factors bode well for stronger sales than we’ve seen in recent months, but any impending upswing in activity wasn’t evident in the March data. Beginning in late spring last year, some potential buyers got priced out and others simply stepped out of the market amid concerns prices were near a peak. The next two months will likely clarify whether many of those who put plans on hold in 2018 are being lured back into the market by this year’s lower mortgage rates, higher inventory and buyers’ improved negotiating position.”

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