Bay Area housing market sees highest spring inventory levels since pandemic

February saw a significant increase in home inventory, the highest since before the pandemic, with a 52% year-over-year rise. This has kept price growth modest, with the median price of a single-family home in the Bay Area slightly declining to $1.25 million. Despite the increased inventory, buyer demand remains cautious due to a weak stock market and high interest rates, impacting sales, especially for condos. Many buyers are still motivated, but challenges persist, particularly for first-time buyers facing high mortgage rates.