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Sonoma County Market Report June 2024

 
◦ The 3-month-rolling median house sales price in May hit a new all-time high.
 
◦ The number of active and coming-soon listings on June 1, 2024, was up 46% year over year and was by far the highest count in over 2 years.
 
◦ The number of listings going into contract in May 2024 hit its highest monthly total since mid-2022.
 
◦ $2 million+ home sales in May 2024 rose 35% from April to its highest number in 12 months.50% of home sales in May sold over asking price.
 
◦ The number of price reductions rose 77% year over year.
 
◦ 30-year-loan interest rates hovered around 7% in May and early June, which many buyers and sellers have clearly come to accept as 'the new normal.'
 
◦ Stock markets once again hit new all-time highs, substantially affecting household wealth. An estimated 30% to 40% of national homebuyers have been paying all cash.

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