Sales of newly built homes in particular fared even worse this February, with a decline of 43.9% from the month's historical average of new home sales. Additionally, resales of existing houses were down 25.3% from the February average.
Andrew LePage, a CoreLogic analyst, said in a statement, "For the third month in a row, Bay Area home sales were at an 11-year low for that month. However, the year-over-year decline in sales has ratcheted down the past two months."
"The lessening of the declines likely reflects, among other things, a significant drop in mortgage rates since they hit a seven-year high last November, as well as more listings compared with early last year and an improving stock market in early 2019. Those factors are likely putting some would-be buyers back into home-shopping mode," LePage said.
The homes sold in the Bay Area in February commanded a median price of $770,000. This represents an increase of 5.5% from $730,000 in January and 2.7% from $750,000 in February 2018.
Year-over-year, median home prices have been rising since April 2012, a streak of 83 consecutive months. And of homes sold, prices over $500,000 have accounted for increasing shares of the market: 76% of all sales in February, up from 74.8% of sales in February 2018.
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