Executive Summary:
- Overall Bay Area home sales (single-family homes and condominiums) declined by 17 percent year over year in November, with all counties and price ranges posting decreases.
- Year to date, total 2018 sales are 5 percent below last year; however, sales of homes priced higher than $1 million are still trending above 2017 levels.
- Some communities — particularly Marin County’s San Anselmo and a few others in San Mateo and Contra Costa counties — continued to post more sales compared with last year.
- Inventory jumped by 27 percent year over year in November, with homes priced below $1 million up by 27 percent, homes priced between $1 million and $2 million up by 39 percent, and homes priced above $2 million up by 9 percent.
- The Bay Area’s median home price appreciation slowed to 3 percent on an annual basis, the least growth since August 2016. Home prices in Sonoma County posted a 5 percent decline due to more lower-priced sales.
- Buyers of affordable homes responded the most to changing market dynamics. Price reductions increased by 16 percentage points, from 16 percent last year to 32 percent this year, mostly for homes priced below $1 million in Santa Clara and Sonoma counties.
- Most of the inventory increases and price reductions were in areas that lack access to employment centers and transit corridors.