The number of homes for sale statewide — and particularly in the Bay Area — remains stubbornly low, according to a new report from the California Association of Realtors (C.A.R.) In October, all nine Bay Area counties saw double-digit declines in the number of active listings compared with a year earlier.
That’s pretty shocking, and one result is predictable. With buyers fighting over the shrinking supply of available homes, prices went up again. The median sale price of a single-family home in the region was $892,720, up 11.1 percent from October 2016, association says.
Less predictable is this: The number of homes sold actually increased across the nine counties, despite the dwindling number of listings. It didn’t increase by much — just 0.5 percent year-over-year. But still, the fact that the region eked out any sales gain at all speaks to the fierce level of competition here; buyers are burning through whatever inventory exists.