The below Economic Update was just released by COMPASS’ Chief Market Analyst, Patrick Carlisle.

“Ever since the beginning of the year, and now moving into the spring selling season, striking shifts in supply and demand have occurred and continued to accelerate, resulting in a dramatic leap in the heat and competitiveness of market conditions. Based on current indicators – especially the surge of listings going into contract – and what is being experienced on the ground as new listings arrive on the market, deals are negotiated, and homes go into contract, it appears almost certain that significant home price increases will continue in Q2 2024.

Macroeconomic Conditions

In the 8 weeks through early April, the weekly average, 30-year conforming-loan interest rate has oscillated between 6.74% and 6.94%: Up from January, but still well down from last fall.

Click here for more of Lamorinda’s March market reports from Patrick Carlisle. Our team loves hyper-local data from Patrick and the data we collect in real-time in the field. We are busy writing offers for our buyers and listing houses for our sellers every week. As a result, we have great insight into how the Spring real estate market is evolving. Ask us our thoughts!