SAN JOSE, California -- Looking to buy a home in the Bay Area? The odds of scoring a deal could be tipping in your favor.
For the first time in over a decade, homes in the region are selling, on average, for less than the asking prices, according to data from real estate brokerage Redfin.
The milestone reflects a slowdown in the Bay Area’s notoriously scorching housing market as rising mortgage rates squeeze out many would-be buyers and hammer prices. This week, the average rate on a typical 30-year home loan hit 6.3%, double the historic lows during most of the pandemic — when buyers rushed into the market in droves to take advantage of the cheaper mortgages. The higher rate is boosting monthly home payments, sometimes by thousands of dollars.
