San Mateo County Home Prices, Market Conditions May 2023

The number of new listings has also dropped dramatically. This is mostly ascribed to the “mortgage lock-in effect,” i.e. owners with very low, long-term, fixed-rate mortgages are reluctant to sell to then buy at much higher prevailing rates. This decline in new listings has major ramifications for supply and demand dynamics, and increases pressure on prices even in a reduced activity environment.

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