With its dwindling home supply, the Bay Area real estate market experienced an increase in home sales during the spring. Hellbent buyers snapped up whatever was available, resulting in a year-over-year increase in units sold.
Even so, when viewed historically, sales were tepid — there’s just not enough housing on the market to generate a real surge.
And now the spring sales increase has reversed, according to the latest report from the California Association of Realtors.
It shows pending sales decreasing 0.6 percent across the region in June. Breaking it down by county, sales dipped 0.4 percent year-over-year in Santa Clara County and 10.4 percent in San Mateo County. San Francisco County bounced back from last month’s double-digit sales decline, however, and rose 22.2 percent.
To the north of the Bay Area, pending sales were down 6.5 percent in Sacramento. To the south, they fell 15.7 percent in Santa Cruz.
Statewide, pending home sales slipped for the sixth month in a row, down 0.9 percent. Region by region, however, the picture was a bit more complicated. Southern California sales were up 2.5 percent, and Central Valley sales rose 5.2 percent.
You can read the report here.
The overall tail-off in sales might just mark the end of the busy spring season for real estate. Stay tuned to see what develops in future months.
And in the short-term, stay tuned for our story on the upcoming report from CoreLogic, the real estate information service. Due to land later this week, it will break down median sales and prices for June in each of the nine counties across the Bay Area.