October witnessed impressive highs in the S&P 500 and Nasdaq, alongside the lowest mortgage rates in over a year, creating great opportunities for homebuyers. The Fed's proactive rate cut .25% in October reflects their commitment to economic balance, even as inflation rose slightly to 3%. Despite mixed consumer confidence, those capitalizing on stock market gains remained optimistic. Additionally, the Economic Policy Uncertainty Index continues to decline, indicating a promising outlook for investors and homebuyers.
Meanwhile, the San Francisco real estate market is booming, driven by the AI startup surge. October saw the highest sales since May 2022, with luxury home sales at a four-year peak. Price reductions dropped 46% year-over-year, and a high pending ratio indicates strong buyer demand amid fewer listings. Notably, 80% of houses and 44% of condos sold above the list price.
Although the market traditionally slows from mid-November to mid-January, this year might be different. Even so, this period is usually optimal for buyers to negotiate on unsold inventory.
Call for more information about the current market and wishing you and your family a very Happy Thanksgiving holiday!
Gobble...Gobble...Cece & Team
