Decline in New Listings Expected to Stabilize Bay Area Home Prices Despite Federal Reserve Rate Cut

According to the latest RE/MAX National Housing Report, the Bay Area ranks second in the U.S. for the largest decrease in new listingsPhoto byBreno AssisonUnsplash

In the wake of a recent Federal Reserve rate cut, the San Francisco Bay Area's housing market shows resilience, buoyed by a significant decline in new listings entering the market.

According to the latest RE/MAX National Housing Report, the Bay Area ranks second in the U.S. for the largest decrease in new listings, down by 12% year-over-year.

The report highlights key metrics shaping the Bay Area's real estate landscape:

• New Listings: San Francisco recorded 4,398 new listings in September 2024, marking a 12% decrease from the previous year's 4,995 listings.
• Home Sales: Despite fewer new listings, home sales in the Bay Area have risen by 3.4% year-over-year.
• Days on Market: The average time a home spends on the market has increased to 32 days, an eight-day extension compared to last year.
• Price Stability: Home prices have remained stable, experiencing only a slight decrease of 0.4% year-over-year. The current median home sale price stands at $1,120,000, maintaining its position as the highest in the U.S.