Statistical Tables | Labor Day, Labor Concerns
| Trends at a Glance | |||
| (Single-family Homes) | |||
| Aug 22 | Jul 22 | Aug 21 | |
| Median Price: | $1,230,000 | $1,320,000 | $1,300,000 |
| Average Price: | $1,333,080 | $1,412,734 | $1,406,404 |
| Home Sales: | 766 | 702 | 1,112 |
| SP/LP Ratio: | 103.4% | 107.5% | 112.8% |
| Days on Market: | 23 | 18 | 14 |
| (Condos/Townhomes) | |||
| Aug 22 | Jul 22 | Aug 21 | |
| Median Price: | $720,000 | $728,500 | $711,000 |
| Average Price: | $758,998 | $755,852 | $741,882 |
| Condo Sales: | 253 | 234 | 379 |
| SP/LP Ratio: | 101.1% | 102.7% | 106.3% |
| Days on Market: | 25 | 19 | 18 |
Sales of single-family, re-sale homes fell 31.1% from last year. That’s the
eleventh month in a row home sales have been lower than the year before. There
were 766 homes sold in Alameda County last month. The average since 2000 is 921.
After being higher than the year before thirty-five months in a row, the average
sales price for
single-family, re-sale homes was
down 5.2%. It was down 5.6% from July.
After being higher than the year before twenty-six months in a row, the median
sales price for single-family, re-sale homes was down 5.4%. It was down 6.8%
from July.
The sales price to list price ratio fell from 107.5% to 103.4%.
Homes sold in twenty-three days. This is the time from being listed to going
under contract.
The average sales price for condos was up 2.3% year-over-year. It was up 0.4%
from July. The median sales price was up 1.3% year-over-year. It was down 1.2%
from July.
The sales price to list price ratio for condos fell from 102.7% to 101.1%.
Condo sales were down 33.2% from last year. There were 253 condos sold.
Condos sold on average in twenty-five days.
Sales momentum…
for
single-family homes fell 7.8 points to –21.8.
Pricing momentum…
for
single-family homes was down 1.9 points to +13.
Our momentum statistics are based on 12-month moving averages to eliminate
monthly and seasonal variations.
This is an extraordinarily tough market for buyers. It's important to be calm
and realistic. If you don't know what to do or where to begin, give me a call
and let's discuss your situation and your options.
If you’re looking to sell, call me for a comprehensive Comparative Market
Analysis.
Our momentum statistics are based on 12-month moving averages to eliminate monthly and seasonal variations.
This is an extraordinarily tough market for buyers. It's important to be calm and realistic. If you don't know what to do or where to begin, give me a call and let's discuss your situation and your options.
If you’re looking to sell, call me for a comprehensive Comparative Market Analysis.
the blue area shows momentum for home sales while the red line shows momentum for pending sales of single-family, re-sale homes. The purple line shows momentum for the median price.
This is an extraordinarily tough market for buyers. It's important to be calm and realistic. If you don't know what to do or where to begin, give me a call and let's discuss your situation and your options.
The real estate market is very hard to generalize. It is a market made up of many micro markets. For complete information on a particular neighborhood or property, call me.
If I can help you devise a strategy, call or click the buying or selling link in the menu to the left.
Complete monthly sales statistics for the Alameda County are below. Monthly graphs are available for each city in the county.
| August Sales Statistics | |||||||||||
| (Single-family Homes) | |||||||||||
| Prices | Unit | Change from last year | Change from last month | ||||||||
| Area | Median | Average | Sales | DOM | SP/LP | Median | Average | Sales | Median | Average | Sales |
| County | $1,230,000 | $1,333,080 | 766 | 23 | 103.4% | -5.4% | -5.2% | -31.1% | -6.8% | -5.6% | 9.1% |
| Alameda | $1,600,000 | $1,508,266 | 32 | 16 | 106.3% | 15.3% | 5.8% | -22.0% | 9.2% | 0.9% | -5.9% |
| Albany | $1,525,000 | $1,593,750 | 8 | 18 | 120.1% | 3.9% | -6.0% | 0.0% | 2.7% | 8.4% | -27.3% |
| Berkeley | $1,480,000 | $1,739,838 | 37 | 19 | 116.6% | -7.5% | 2.8% | -43.9% | -15.4% | -5.3% | -14.0% |
| Castro Valley | $1,140,000 | $1,176,961 | 52 | 27 | 103.1% | -9.3% | -6.5% | -3.7% | -2.5% | -0.4% | 48.6% |
| Dublin | $1,587,500 | $1,610,025 | 32 | 14 | 107.2% | -2.3% | -8.4% | -43.9% | 2.1% | -8.9% | 6.7% |
| Fremont | $1,455,000 | $1,608,729 | 92 | 23 | 108.1% | -1.5% | -2.8% | -50.5% | -10.5% | -9.1% | 12.2% |
| Hayward | $885,000 | $975,319 | 69 | 23 | 107.8% | -2.7% | -5.3% | -33.7% | -1.9% | -3.0% | 23.2% |
| Livermore | $1,125,000 | $1,257,971 | 69 | 25 | 107.3% | -1.3% | 3.6% | -36.7% | -3.0% | 0.1% | -4.2% |
| Newark | $1,191,000 | $1,297,138 | 29 | 25 | 106.8% | -8.1% | 1.8% | 3.6% | -20.6% | -14.4% | 70.6% |
| Oakland | $1,100,000 | $1,198,743 | 199 | 23 | 115.1% | 7.8% | 4.5% | -16.7% | 0.9% | 2.2% | 5.9% |
| Piedmont | $2,660,500 | $3,330,402 | 10 | 21 | 116.8% | 0.2% | 18.8% | -33.3% | 18.6% | 18.6% | -16.7% |
| Pleasanton | $1,575,000 | $1,684,769 | 54 | 25 | 106.1% | -7.9% | -17.2% | -40.7% | -7.5% | -10.9% | -6.9% |
| San Leandro | $825,000 | $858,474 | 39 | 22 | 107.5% | -8.3% | -12.8% | -31.6% | -19.1% | -18.2% | 21.9% |
| San Lorenzo | $830,000 | $825,286 | 21 | 23 | 104.3% | -10.3% | -8.7% | 61.5% | -2.4% | -0.8% | 23.5% |
| Union City | $1,300,000 | $1,289,935 | 23 | 36 | 113.2% | 0.0% | -5.3% | -46.5% | -3.7% | -12.1% | 76.9% |
| August Sales Statistics | |||||||||||
| (Condos/Town Homes) | |||||||||||
| Prices | Unit | Change from last year | Change from last month | ||||||||
| Median | Average | Sales | DOM | SP/LP | Median | Average | Sales | Median | Average | Sales | |
| County | $720,000 | $758,998 | 253 | 25 | 101.1% | 1.3% | 2.3% | -33.2% | 0.4% | -1.2% | 8.1% |
| Alameda | $900,000 | $912,391 | 17 | 17 | 114.2% | -7.2% | -4.5% | -19.0% | -7.6% | -2.7% | 0.0% |
| Albany | $540,000 | $550,600 | 5 | 30 | 102.7% | -6.9% | -9.4% | -58.3% | 0.6% | 9.1% | -16.7% |
| Berkeley | $854,500 | $822,958 | 12 | 25 | 103.0% | 19.7% | 27.1% | 20.0% | -7.1% | -0.1% | -7.7% |
| Castro Valley | $877,500 | $853,800 | 10 | 27 | 99.2% | 7.3% | 7.2% | 11.1% | 13.7% | 23.1% | 66.7% |
| Dublin | $950,000 | $943,312 | 24 | 26 | 97.7% | 16.6% | 12.9% | -48.9% | -11.5% | -5.9% | -27.3% |
| Emeryville | $460,000 | $506,111 | 9 | 31 | 98.3% | -33.3% | -27.0% | -55.0% | -32.6% | -36.9% | 12.5% |
| Fremont | $800,000 | $850,195 | 41 | 22 | 100.2% | 1.3% | 2.0% | -28.1% | -8.3% | -9.8% | -33.9% |
| Hayward | $589,000 | $624,240 | 21 | 27 | 100.9% | -4.2% | -4.0% | -48.8% | -17.1% | -23.5% | -43.2% |
| Livermore | $815,000 | $790,219 | 16 | 21 | 99.2% | 4.8% | 2.4% | -20.0% | -11.8% | -12.7% | -38.5% |
| Newark | $745,000 | $872,523 | 17 | 17 | 99.7% | -14.5% | -2.0% | -10.5% | -2.4% | -18.4% | 41.7% |
| Oakland | $600,000 | $644,766 | 51 | 34 | 101.3% | -9.8% | -7.5% | -35.4% | -10.9% | -9.4% | -37.8% |
| Pleasanton | $650,000 | $772,891 | 11 | 20 | 100.1% | -13.9% | -3.8% | -56.0% | -20.1% | -32.3% | -26.7% |
| San Leandro | $480,500 | $477,050 | 10 | 19 | 100.9% | -19.2% | -20.7% | -28.6% | -21.8% | -14.2% | -37.5% |
| Union City | $573,000 | $696,750 | 8 | 31 | 99.4% | -6.8% | 9.2% | -46.7% | 3.8% | -8.0% | -63.6% |
Sept 2, 2022
-- The calendar page turned again this week, and summer is at or coming to a
close, depending on which point-in-time marker you may prefer. We're now into
the final month the third quarter, and while there are sporadic clues that the
economy and inflation are both moderating, it's not clear that there is
sufficient moderation to keep the Fed from tightening policy aggressively again
at its coming meeting.
Imbalance in the labor market has been a chief concern of the central bank for
months, as tight labor markets are lifting wages and threatening to worsen or
perpetuate price pressures. Simply put, the number of available jobs continues
to outstrip the number of folks either willing or able to fill them. This gap is
something the Fed very much wants to close, preferably without seriously
damaging the economy or the labor market -- a hoped-for "soft landing".
The sharp slowdown in the housing market is starting to be reflected in outlays
for new construction projects. Construction spending declined by 0.4% in July,
dragged down by a 1.5% decline in outlays for residential projects. Sales of
newly constructed homes have flagged this year under adverse conditions, and
supplies of new homes are at about 13-year highs, so it's little wonder that
less money is being spent to start new housing developments. Residential
spending was the only drag in July, as non-residential projects saw an increase
of 0.4%, and public-works spending expanded by a stout 1.5% for the month.
Perhaps some of the money earmarked in the "infrastructure" bill signed into law
earlier this year is starting to show up in public projects.
Applications for mortgage credit continued their 2022 downtrend this week. The
Mortgage Bankers Association reported a 3.7% drop in requests for mortgages in
the week ending August 26, and applications are at their lowest point since
1999. Applications for purchase-money mortgages dipped another 1.8%, while those
for refinancing slumped by 7.8% last week. Of late, mortgage rates have started
moving back up toward the cyclical highs seen back at the official start of
summer in June; with just a couple of weeks to go to before summer officially
ends and fall begins, and given the recent trend, we seem likely to return to
those early-summer levels for mortgage rates before long.
There was really nothing in the data this week to refute the notion that the Fed
will continue to be aggressive at its meeting this month, and perhaps beyond.
The argument for a 75 basis point increase may have been weakened slightly as
the labor data released this week wasn't off-the-charts strong; at the same time
it was plenty strong enough to suggest that the economy can easily withstand
monetary policy being moved to a more restrictive stance from its current "in
the range of neutral" position. Price pressures are showing tentative signs of
slowing and that may continue for a time as lower energy costs work their way
through the economy, but are plenty of reasons to think that such declines
aren't durable, and the Fed largely discounts them, anyway.
Investors continued to adjust their positions this week after Fed Chair
Powell's message reinforcement last week, and underlying interest rates that
influence mortgages continue to rise as a result. The
somewhat-less-stronger-than-feared employment report tempered the recent rise in
rates a bit, trimming off just a few basis points from an otherwise considerable
increase in yields this week. As yields finished the week higher than where they
began, mortgage rates are likely to push higher again next week again.
Presently, the average offered rate for a conforming 30-year fixed-rate mortgage
is only 15 basis points below its high for this cycle so far, and that gap will
likely be closed considerably when the next report comes from Freddie Mac on
Thursday morning.
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