Tuesday, August 14, 2018

California Bay Area Home Sales Decline 3 Percent YoY in July, Inventory up 2% YoY

by Bill McBride on 8/14/2018 01:31:00 PM

Here are some Bay Area stats from Pacific Union chief economist Selma Hepp: Finally More Bay Area Housing Inventory After 16 Months of Declines

• The Bay Area's decline in home sales (single-family and condominiums) improved in July, with only a 3 percent less activity year over year after a 13 percent decline in June.

• Inventory finally improved, up by 2 percent, after 16 consecutive months of year-over-year declines.

• Inventory above $1 million increased by 17 percent, mostly driven by more homes for sale in Santa Clara and San Mateo counties.

• Only Sonoma and Napa counties gained inventory below $1 million, up by 17 percent and by 5 percent respectively

• In contrast, San Francisco still lost inventory across all price ranges in July, declining by 14 percent. Contra Costa County saw inventory drop by 5 percent from July 2017.