Home sales this spring have been dragging in most U.S. housing markets compared to last March, dipping 2.4% nationwide.

But, of course, the Bay Area’s housing market has never been like the rest of the country’s.

In March, the region posted the biggest leap in annual home sales in the U.S., highlighting the relentless demand among buyers, despite the economic uncertainty that has dulled enthusiasm elsewhere.

Sales of existing houses rose 4.9% in San Jose, 11.7% in Oakland, and 13% in San Francisco — the highest gain among metro areas in the country, according to recently released data from Redfin, an online real estate company. Marin County recorded 158 house sales last month, a 46% increase from 112 the prior March, the county assessor’s office reported.

“The Bay Area, with its strong economy, is not as vulnerable to high mortgage rates or market fluctuations,” said Daryl Fairweather, chief economist at Redfin.

The boost in sales comes as hundreds of sellers decided to list in March, raising inventory across the Bay Area by 35% from last year. New listings rose 19.3% in Oakland, 17.3% in San Jose and 12.6% in San Francisco.That’s despite high interest rates, which have hovered around 7% and kept homeowners from wanting to give up their 3% pandemic-era interest rates to move.

“The lock-in effect is finally starting to wear off,” Fairweather said.

The increase in available homes has kept prices steady in much of the Bay Area, according to the California Association of Realtors. The median sales price in March rose just 1% from last year to $1.4 million. The median price was $907,0000 in Contra Costa County, $1.38 million in Alameda County, $1.8 million in San Francisco, $2.1 million in Santa Clara County, and $2.3 million in San Mateo County. Santa Clara, with its booming artificial intelligence industry, had the biggest price gains of those six counties, increasing 11.3% from last year.

Marin’s median house price last month was $1.78 million, compared to $1.96 million the prior March, the assessor’s office reported.

The increase in inventory means that sellers need to be strategic about their marketing to stand out from the crowd, said Elena Licardi, a broker with Coldwell Banker based in Los Gatos.

“There are more options out there right now,” she said. “You’ve got to make sure your home looks good and is priced to get a lot of activity.”

The Bay Area condominium and townhome market was also up — sales increased 12%, and the median price rose 2.7% to $847,000. In Marin, the median was $855,000 last month compared to $775,000 the prior March, a spike of more than 10%.

Lars Pave was one of those buyers who finally pulled the trigger this spring, after saving nearly two decades for a down payment.

Pave, a 53-year old digital marketer, and his wife had begun searching during the pandemic, but were turned off by rampant bidding wars that pushed prices far over asking and meant homes sold in just days.

This spring’s market was notably calmer. The listing Pave saw — for a three-bedroom, three-bathroom home in the Oakland hills — had sat for four months without a buyer. Pave took that as an invitation to come in with a lower initial offer. Pave’s bid of $829,000 was $20,000 under asking, but it won the house.

Looking back, Pave regretted a missed chance to lock in a lower interest rate, even if it would have meant paying more.

“We were waiting for the market to soften up, and that was a mistake,” Pave said. With a 7% interest rate, Pave had less spending power than five years ago. “We should have bid higher and gotten in with the low rates, instead of settling for less now. But you never know these things in the moment.”

Many buyers find themselves in a similar situation. The interest rate on a 30-year fixed-rate mortgage started off the year at 6.91%, and barely budged, according to Freddie Mac.

It’s a disappointment for both buyers and agents, who had hoped that the Federal Reserve might lower interest rates this year. But Fed chair Jerome Powell has indicated he won’t lower rates anytime soon, especially as he waits to see how Trump’s tariffs and other economic policies play out.

Still, it’s clear that mortgage rates aren’t stopping buyers.

“Buyers have had time to recalibrate to interest rates,” said Ricky Flores, an agent with Golden Gate Sotheby’s International Realty based in Menlo Park. “Now they’re stepping back out onto the market and making offers.”

Many buyers in the Bay Area aren’t even reliant on a mortgage — in San Francisco, 26.5% of buyers bought in all cash, and in San Jose, 18%, according to Redfin.

Homes are still selling quickly. Houses spent a median time of just 13 days on the market in the Bay Area — the least amount of time for any region in California. Still, that number varies from county to county: Homes in Santa Clara County sold in a median of eight days, whereas they spent 49 days on the market in Marin County.

Fairweather said return-to-office policies among Silicon Valley tech companies are driving the stronger market in San Mateo and Santa Clara counties. Bay Area white-collar workers are spending about three days a week in the office, recent survey data show.

The Independent Journal contributed to this report.