Homebuying pace plunges …
We've all seen reports about the low number of home sales and the high cost of a home. This is true for Burlingame real estate.On Sept 21, 2023, the San Jose Mercury News published an article about falling home sales. The author, Jonathan Lansner, created graphs of California single-family home sales prices and the number of single-family homes sold. His short article is worth visiting. His key points were that:1.) The number of sales have dropped by about 30% all across California2.) August's median sales price is the third highest on record.He concludes his article by saying, "Something must give. Will it be prices? Rates? Or just years of limited homebuying?"We have seen articles calling attention to people and companies leaving California for quite a long time. Yet house prices are not falling, and because of increasing interest rates, buyers are paying more than ever to purchase a house using…