, double the historic lows during most of the pandemic — when buyers rushed into the market in droves to take advantage of the cheaper mortgages. The higher rate is boosting monthly home payments, sometimes by thousands of dollars.
Across the core Bay Area, the sales-to-list ratio has remained between 98% and 100% over the past three months. That means sales prices hovered around 1% to 2% below asking prices on average during that period. It’s the first time that’s happened since early 2012 when Redfin began tracking the data. The main issue with the property is a large neighboring church parking lot that fills up on weekends, Rubenstein said. A year ago, during the height of the pandemic homebuying frenzy, a bidding war might have erupted. But now buyers have the luxury of being more choosey.
As of Feb. 5, the median price for all homes — including single-family houses, condos and townhomes — was $1.34 million in San Mateo County, $1.29 million in Santa Clara County, $1.17 million in San Francisco County, $894,000 in Alameda County and $671,000 in Contra Costa County, according to Redfin.