Report: Bay Area home sales slip to nine-year low | News | |


Report: Bay Area home sales slip to nine-year low

In order for all area residents to have important local information on the coronavirus health emergency, has lifted its pay meter and is providing unlimited access to its website. We need your support to continue our important work. Please join your neighbors and become a subscribing member today.

Home sales in the Bay Area hit a nine-year low during the month of August, according to new data released last week by financial services firm CoreLogic.

The data show that last month, 7,247 homes were sold in the Bay Area, the lowest for that month since August 2010 when just 6,698 homes were sold in the region.

"Although Bay Area home sales in August fell nearly 6% from a year earlier, the recent drop in mortgage rates likely helped temper that decline," Andrew LePage, an analyst with CoreLogic, said in a statement on Sept. 26.

The data also showed that for the past 13 consecutive months, sales have fallen on a year-over-year basis.

"Some buyers no doubt remain parked on the sidelines, concerned about the possibility of buying near a price peak, and affordability remains a huge hurdle for many," LePage said.

The median price for homes sold in the Bay Area last month was $810,000, which is down 0.7% from July 2019 when the price was $816,000 and down 2.4% from $830,000 in August 2018, according to the data.

"Last month's 2.4% annual decline in the median reflects both lower home prices in some areas as well as a shift toward a lower share of sales occurring in some of the region's more expensive areas," he said.

According to last month's data, Contra Costa County had the highest number of homes sold with 1,529.

— Bay City News Service

We need your support now more than ever. Can we count on you?


Sorry, but further commenting on this topic has been closed.

Stay up to date on local coronavirus coverage with our daily news digest email.

The first few seconds after awakening; before I remember the virus
By Chandrama Anderson | 0 comments | 3,383 views

Be aware of hyperbole in numbers and media hype
By Tim Hunt | 14 comments | 1,436 views