Home sales slow in October across Bay Area

Home sales slowed in October across the Bay Area, dropping by 2.5 percent from the year before, according to new data from the CoreLogic real estate information service. The October sales dip marked a break from the brisk market of recent months: sales of new and existing homes and condominiums had risen year over year during each of the previous seven months, beginning in March.

Median prices continued to climb on a year over year basis.

 Home sales slow in October across Bay Area

Still, the October sales decline “marked the first time in eight months that San Francisco Bay home sales have fallen year over year,” said Andrew LePage, research analyst with CoreLogic. “This decline could be the result of lower affordability and also a still-tight inventory of homes for sale. Once again, sales did increase significantly last month in some of the San Francisco Bay Area’s inland areas. Contra Costa and Solano counties–home to some of the region’s most affordable communities–logged 13 percent and 20 percent year-over-year gains, respectively, for the first 10 months of 2015 compared with a roughly 6 percent gain for the overall region.”

Year over year sales were down 8.8 percent in Santa Clara County, 8.5 percent in San Mateo County and 8.2 percent in Alameda County. By contrast, sales climbed 8.2 percent in Contra Costa County.

The 7,673 new and existing homes and condominiums sold across the nine-county region also represented a 2.4 percent drop from September 2015.

Median prices were up 11.3 percent to $788,000 in Santa Clara County, 10.3 percent to $1,110,000 in San Mateo County, 13.8 percent to $632,500 in Alameda County and 0.5 percent to $457,250 in Contra Costa County. The median price of $635,000 for the nine-county region was up 4.3 percent from October 2014.

Contact Richard Scheinin at 408-920-5069, read his stories at www.mercurynews.com/richard-scheinin and follow him at www.twitter.com/RealEstateRag

Article source: http://www.mercurynews.com/business/ci_29139435/home-sales-slow-october-across-bay-area

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