Home sales in the Bay Area hit a nine-year low during the month of August, according to new data released Thursday 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 six percent 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.
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 percent from July 2019 when the price was $816,000 and down 2.4 percent from $830,000 in August 2018, according to the data.
“Last month’s 2.4 percent 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.
13 comments
We were fortunate enough to purchase our home all cash in 2008 when the market crashed. Now we own multiple rental homes throughout the Bay Area. I don’t see a problem here except rent control.
I don’t see how you can spin an artificially caused crash and subsequent bailout as problemless on account of you managing to make a profit on suffering of the nation.
@Googlar
Because we saved and didn’t live paycheck to paycheck and bought our home when it was affordable and didn’t need to take a 30 year mortgage to end up paying interest up the a**. We are more than financially stable with our income because of smart investments so know matter what happens with the housing market it won’t affect us one bit.
Trauma, I hope you realize you can’t take it with you. Focusing on money must have made for a real interesting life and probably not much fun. It shouldn’t be this way. These up and downs of the housing market are another reason why capitalism is not a good economic system.
The difficult part of owning rental property is unwinding it as you get older, and the tax liability selling them may generate. The good news is you can donate properties via a Charitable Remainder Trust. That’s the humanitarian way to go…..
For the capitalist consider this: historic rental property cap rates in the Bay Area average 2.8%. The ten year treasury long term average is 4.5%, that’s riskless money. Rental properties only makes sense when you can collect a liquidity premium.
I totally get it TraumaRx: you made enough money during the good times to stay well off during the bad times therefore the bad times don’t exist the broken system isn’t broken if it is working in your favor.
Being financially stable makes life more enjoyable for sure. We are fortunate enough to enjoy traveling without the worries of penny pinching. So yes, life is great.
On forums such as these people tend to discuss issues that affect the community at large not how satisfied you are with your personal mortgage or traveling plans. I simply don’t care about your personal life and find that this greedy boomer outlook is the reason that your nation is crumbling.
Oh please Googlar, did you juat join Claycord? This forum is full of people babbling on about what they want. I was merely pointing out some points before you jumped in and ranted off about your own issue. The problem is simple, people always look to blame others who have and those who don’t always want a handout.
But, but I thought there was a housing shortage and everyone could afford to buy a home.
Oh, that’s right the illegals can’t afford them. They’re waiting for the low income housing we’re building for them. Aren’t we a great state to help them, not our own people?
The legals who work can’t afford to live in them, while the illegals get food stamps, ebt, medical…but you don’t pay your taxes or fall short behind on your payments and they’re ready to take everything!
It’s still a seller’s market from what I see.
Yeah, let’s go get a mortgage to buy that $1.2M 1950’s rancher and pay $1K per month for property taxes. Ummm, no.
Smart people do their due diligence. Some opt to move out of state.
Have you signed the Gavin (Getty) Newsom recall petition yet?
Are you even registered to vote?
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