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Report: Bay Area home sales in March slowest in 11 years

Median price drops for first time since 2012

Bay Area home sales in March were the slowest the region has seen in 11 years, according to new data released Monday by real estate research firm CoreLogic.

In fact, that's been the case for every month since December. Year-over-year sales have been dropping steadily for 10 consecutive months, with double-digit drops from 12%-21% for the last five months.

March sales of newly built homes, including detached houses and condominiums, were roughly 42.6% below the month's historical average. Resales of existing homes were 25.5% below average.

"Beginning in late spring last year, some potential buyers got priced out and others simply stepped out of the market amid concerns prices were near a peak," analyst Andrew LePage said in a news release Monday.

"The next two months will likely clarify whether many of those who put plans on hold in 2018 are being lured back into the market by this year's lower mortgage rates, higher inventory and buyers' improved negotiating position," he said.

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Median home sale prices have been rising year-over-year since April 2012, 82 consecutive months, but they dropped slightly for the first time in March 2019 to $830,000, down from $831,000 in March 2018.

Sales over $500,000 accounted for 79.1% of total home sales, up from 78.8% the year before.

The data presented was taken from Alameda, Contra Costa, Marin, Napa, Santa Clara, San Francisco, San Mateo, Solano and Sonoma counties. It does not include Santa Cruz and Monterey counties.

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Report: Bay Area home sales in March slowest in 11 years

Median price drops for first time since 2012

Uploaded: Tue, Apr 30, 2019, 3:15 pm

Bay Area home sales in March were the slowest the region has seen in 11 years, according to new data released Monday by real estate research firm CoreLogic.

In fact, that's been the case for every month since December. Year-over-year sales have been dropping steadily for 10 consecutive months, with double-digit drops from 12%-21% for the last five months.

March sales of newly built homes, including detached houses and condominiums, were roughly 42.6% below the month's historical average. Resales of existing homes were 25.5% below average.

"Beginning in late spring last year, some potential buyers got priced out and others simply stepped out of the market amid concerns prices were near a peak," analyst Andrew LePage said in a news release Monday.

"The next two months will likely clarify whether many of those who put plans on hold in 2018 are being lured back into the market by this year's lower mortgage rates, higher inventory and buyers' improved negotiating position," he said.

Median home sale prices have been rising year-over-year since April 2012, 82 consecutive months, but they dropped slightly for the first time in March 2019 to $830,000, down from $831,000 in March 2018.

Sales over $500,000 accounted for 79.1% of total home sales, up from 78.8% the year before.

The data presented was taken from Alameda, Contra Costa, Marin, Napa, Santa Clara, San Francisco, San Mateo, Solano and Sonoma counties. It does not include Santa Cruz and Monterey counties.

— Bay City News Service

Comments

jamu100
Registered user
Birdland
on May 5, 2019 at 4:19 am
jamu100, Birdland
Registered user
on May 5, 2019 at 4:19 am
Like this comment

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Pete
Downtown
on May 5, 2019 at 5:39 pm
Pete, Downtown
on May 5, 2019 at 5:39 pm
Like this comment

I’m not really surprised. My son said Silicon Valley is adjusting so that makes sense. Market was to hot anyway. I also think the SALT caps are having an impact also


Billie
Birdland
on May 6, 2019 at 9:41 am
Billie, Birdland
on May 6, 2019 at 9:41 am
2 people like this

I find it hard to believe that anyone is surprised by this. I’m guessing we are already 25% or more inflated. We need prices to drop significantly and then stabilize.


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