Bay Area home sales have best November in four years

Fall is usually considered a slow period for residential real estate, but Bay Area home sales in November rose more than 19 percent from the same month a year ago — giving November its best performance on record in four years.

The November year-on-year sales boost got some help, however, from artificially weak sales recorded in November 2015, after federal lending rules had kicked in during the prior month, according to real estate information firm CoreLogic. That resulted in delays that caused some deals to close in December 2015 rather than November 2015, it said.

Last month’s Bay Area home sales fell slightly when compared with sales in October, CoreLogic said.

Still, while some sellers have been concerned recently over a possible cooling down of the region’s housing market, home prices are still rising.

The median price of a Bay Area home continued to rise in November, with the average sale fetching $695,000, a gain of 0.7 percent from October 2016.

The November average home price rose 6.9 percent from the $650,000 average sale price recorded in November 2015, in line with the average annual gain over the past two years, CoreLogic said.

On a year-over-year basis, November marked the 56th-straight month that the median sale price of a Bay Area home increased.

CoreLogic said that among the counties that traditionally make up the Bay Area — San Francisco, Alameda, Santa Clara, Contra Costa, San Mateo, Solano, Marin, Napa and Sonoma — there were 7,461 sales of new homes, resale homes and condominiums during November.

That number slipped from the 7,551 homes sold in October, but it was also the best November on record since 2012, when 7,474 homes were sold.

Article source: http://www.mercurynews.com/2016/12/28/bay-area-home-sales-have-best-november-in-four-years/

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