Are Bay Area home prices dropping? Here’s what one expert says

(KRON) — Home sales may be down, but prices across the Bay Area are staying consistent, according to the RE/MAX National Housing Report.

Home sales are currently down 29% compared to the same time last year. Bay Area home prices have also dropped and are down 4.2% year-over-year. Tim Yee, the president and broker for RE/MAX Gold Bay Area says, “As schools open and life returns to ‘normal,’ it seems that the previously overheated real estate market is also returning to a state of normalcy.”

According to RE/MAX, the average Bay Area home sells in 31 days, and that is 10 days longer than sellers saw last year. The number of houses that are available for sale in the Bay Area is up 17.2% compared to last year.

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Yee says that though sale transactions are down, “prices seem to be holding steady.” RE/MAX found that the current median home sale price across the Bay Area is $1,075,000.

Yee is optimistic about the market’s current state, “the bottom line is that there are still sellers who have to sell and plenty of buyers waiting on the sidelines. Pricing correctly will be the key for the duration of 2022.”

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