Marin Real Estate Bucks Regional Trend: Report
The cost of a median home in Marin rose 3 percent year -over- year in September to $1.77 million, while the greater nine-county Bay Area region experienced a 2.6 percent decline over the same period to $1.26 million, The Marin Independent Journal reports. The news outlet cites data from the California Association of Realtors . California median prices for detached homes climbed 1.6 percent year -over- year in September to $821,680 while the median price of condos and townhomes rose 3.3 percent to $620,000, the report said. Nationally, real estate sales fell for an eighth straight month in September , according to the National Association of Realtors .The sales decline is largely the result of the Federal Reserve’s aggressive rate hikes in an effort to contain inflation . “The housing sector continues to undergo an adjustment due to the continuous rise in interest rates , which eclipsed 6% for 30- year fixed mortgages in September and are now approaching 7%,” NAR Chief Economist Lawrence Yun said in a statement.”Expensive regions of the country are especially feeling the pinch and seeing larger declines in sales.” Read more in The Marin Independent Journal
California median prices for detached homes climbed 1.6 percent year-over-year in September to $821,680 while the median price of condos and townhomes rose 3.3 percent to $620,000, the report said. Nationally, real estate sales fell for an eighth straight month in September, according to the National Association of Realtors. “The housing sector continues to undergo an adjustment due to the continuous rise in interest rates, which eclipsed 6% for 30-year fixed mortgages in September and are now approaching 7%,” NAR Chief Economist Lawrence Yun said in a statement.
