Bay Area Real Estate Sales Slow, Home Prices Rise In April

Jay Paul Company

181 Fremont Residences, a condo under construction in San Francisco.

It’s been another down month for the Bay Area’s real estate market.

Overall sales in the region – one of the priciest in the country – fell 4.3 percent in April compared to the same last year period, according to the California Association of RealtorsSeven of the nine counties in the Bay Area region performed worse than the previous April, the realty group says.

In Santa Clara County – home to many of Silicon Valley’s top tech companies – April sales of existing, single-family detached homes were down 8.7 percent from the same month last year. Sales were up 6.9 percent from March. The April median price for a single-family home climbed to $1,160,000, up 2.7 percent from the March median of $1,130,000 and 6.9 percent higher than the April 2016 median of $1,085,000.

Much of the decline is due to a shortage of housing supply and affordability, experts at C.A.R said.

Sharply rising home prices in the Bay Area are mostly attributed to the record low inventory. Of 51 reported counties in the state of California, San Francisco had the lowest inventory (1.8 months), followed by Santa Clara, San Mateo, and Alameda (all at 2 months), which were all in the Bay Area.

Skyrocketing home prices and affordability pressures are driving factors behind the dwindling number of workers choosing to live in the Bay Area, a new report suggests.

The net number of workers moving to the region dropped 17 percent from February to May, according to a report by the business social networking website Linkedin. Other cities such as Seattle saw that figure jump 2 percent during that same period, the survey shows. In the last 12 months, the San Francisco Bay Area lost the most workers to Seattle, Portland and Austin — cities with lower living costs.

 

Article source: https://www.forbes.com/sites/troymcmullen/2017/06/02/bay-area-real-estate-sales-slow-in-april/

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