Across the Bay Area, the severe economic volatility which prevailed in Q2 - and the absence of a meaningful decline in mortgage interest rates - generally caused a significant year-over-year weakening in the spring selling season, usually the most dynamic of the year. This is reflected in many of the supply and demand indicators illustrated in this report.

However, some homes continued to sell quickly above asking price, and the number of homes selling for $3 million+ jumped to its highest quarterly count in 3 years.

As of early July, measures of economic uncertainty were dropping, stock markets had staged an astounding recovery to hit new highs, consumer confidence had begun to rebound, and interest rates were gradually declining. To a large degree, negative macroeconomic conditions trumped the typical spring-market trend of buyer demand outpacing the supply of homes for sale. Improvements in these conditions, should they continue, may support a stronger housing market in the second half of the year.

In the meantime, correct pricing, preparation and marketing are absolute imperatives for sellers desiring the best results. And opportunities exist for buyers who keep a close eye on both new and older listings, monitor time-on-market and price reductions on unsold homes that meet their requirements – or perhaps need a little bit of work - and are prepared to move quickly and aggressively.

Report created in good faith using data from sources deemed reliable but may contain errors and subject to revision. Last period figures are preliminary estimates based on data available early in the following month. All numbers approximate, and may change with late-reported activity.