Wednesday, September 12, 2018

California Bay Area Home Sales Decline 11% YoY in August, Inventory up 5% YoY

by Bill McBride on 9/12/2018 03:55:00 PM

Here are some Bay Area stats from Pacific Union chief economist Selma Hepp: Rising Housing Costs Hit the Bay Area’s Most-Affordable Communities the Hardest

• Bay Area home sales decreased by 11 percent year over year in August, the second-largest decline following June’s 10 percent drop, dragging year-to-date sales down by 2 percent.

• Inventory continued to improve, up by 5 percent from August 2017 after 16 consecutive months of year-over-year declines.

• Eighty percent of the supply increase came from more inventory in Santa Clara County, followed by Sonoma and Alameda counties.

• Most of the increase in inventory was for homes priced between $1 million and $2 million.

• Affordability concerns are impacting budget-constrained buyers, especially in Sonoma County.