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Bay area housing market loses its sizzle


One of the highest priced and once hottest markets in the country — the San Francisco Bay area — has been slowing down, according to CoreLogic.

Total sales in the nine counties that comprise the Bay area were down year over year for the third consecutive month in August, and the median home price declined over the month, CoreLogic reported.

“Bay Area home sales have fallen year over year for the last three consecutive months, and this summer’s activity was the slowest for the June-through-August period in seven years,” said Andrew LePage, a CoreLogic analyst.

Total sales in the nine counties was estimated at 7,659 in August, which was down nearly 10 percent year over year. Bay area sales ticked up slightly from the July level, however.

The median price in San Francisco Bay area declined by 2.4 percent in August over the July level to $830,000. Bay area prices remain just over 12 percent higher than the August 2017 level, but have fallen from a record price of $875,000 set in May.

“Much of the recent slowdown can be attributed to the lack of affordable inventory on the market,” LePage said. “Unlike the frenzied market of the mid-2000s, many struggling to buy today don’t have the option to stretch financially with the sort of subprime and other risky financing that fueled a lot of homebuying late in the last cycle.”


 

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