Sales were robust in Q1 for all property types, but the supply of house listings in particular was very low. However, as of March 31st, mortgage interest rates have skyrocketed 50% in 2022, with a particularly large jump in March.

So far in 2022, Bay Area real estate markets appear largely unfazed by higher interest rates, volatility in financial markets, and troubling international events. The prevailing dynamic remains one of strong buyer demand competing for an inadequate inventory of listings for sale.

2022 Begins with Mixed Economic Indicators. 2021 was one of the most frenzied real estate markets ever, with buyer demand far exceeding the supply of listings available to buy – and all the usual indicators, including home price appreciation trends, reflected this severe imbalance.

Most CA REALTORS noticed at least one of the following changes in buyer preferences since the pandemic: Opting for bigger home (22%); less concerned about commute (22%); buying house instead of condo/townhome (21%); opting for suburban instead of city location (19%); choosing rural instead of urban or suburban location (13%)