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Tuesday, October 30, 2018

California Bay Area Home Sales Decline 20% YoY in September, Inventory up 14% YoY

by Calculated Risk on 10/30/2018 03:05:00 PM

Here are some Bay Area stats from Pacific Union chief economist Selma Hepp: Bay Area Housing Markets Got Spooked in September

• Bay Area home sales declined by 20 percent year over year in September, with all counties posting drops, led by Sonoma and Contra Costa. In 2018, the region’s housing market activity is trending 4 percent lower year to date.

• Bay Area inventory increased by 14 percent year over year in September — about 2,000 more homes — with Santa Clara County contributing more than 50 percent to the total increase.

• While appreciation has slowed from its spring peaks, Bay Area home prices are still up by 10 percent on an annual basis. San Mateo County maintained the strongest price growth at 19 percent.

• The rebalancing between buyers and sellers is driven by affordability constrains and buyer fatigue, with the biggest change seen in relatively affordable and previously fiercely competitive markets.