Are Bay Area Housing Markets Getting the Jitters? June’s Median Price Growth Doesn’t Suggest So. | Pacific Union | Real Estate Blog
Bay Area home sales dropped by 13 percent year over year in June.
Sales in Sonoma and Napa counties slowed by more than 20 percent, while activity in San Francisco, Marin, and Alameda counties declined by about 10 percent.
Sales of homes priced at less than $1 million fell at the fastest rate seen in two years, down by 28 percent, driven by 50 percent drops in San Mateo and Santa Clara counties.
Sales of homes priced above $1 million continued to grow; however, June’s increase was the smallest seen in a year.
Inventory dropped by 2 percent, but the decline was the smallest seen over the last year.
Only San Francisco had lower inventory levels across all price ranges in June.
Inventory above $1 million increased in most other regions, with the largest gain in the inventory of homes priced higher than $2 million.
Property tax and mortgage interest deduction, high price, looming Prop 10
Still going up, but deceleration. A year or two later maybe we will even see inventory go up.
With Prop 10, tenants will have no reason to buy
Makes sense. Thats why more slowdown in sub 1M segment.
You are assuming most people know
A) there’s an election coming up, and
B) there’s a thing called Prop 10
You are assuming too much of the average American voter.
slowdown < 1M probably due to that fact that houses in this price range are becoming unicorns!
Exactly. The way it’s written leads you to believe the homes aren’t selling. They aren’t selling, since everything is priced over that point.
The average voter is not qualified to be a buyer. His statement makes a lot of sense.
These reports are not good information. Many times, they cherry pick data points and can spin it in a positive or negative manner. The better data is looking at redfin/zillow and looking at DOM, price drops, and comps. The best and most accurate data is to talk to actual agents where they have insights to the current and micro market. Comps are useful, but they are a delayed view of the market.