Plenty of Bay Area buyers, but why are they hesitant?

  • While April’s momentum is slightly slower in May, May sales are still only 2 percent below last year’s highs after double-digit declines earlier in the year.
  • Home sales momentum remains solid in East Bay. Napa sales finally jumped 6 percent after a 6-month losing streak, averaging 20 percent annual declines.
  • Affordable sales picked up again with sales of homes priced below $1 million up 3 percent year-over-year, the first two-month consecutive annual increase in the last four years.
  • For-sale inventory growth is slowing after the winter jump with homes averaging seven days longer on the market.
  • San-Francisco continues to see significant inventory declines with May down 19 percent YOY (four months of declines averaging 20 percent).
  • Buyer competition picks up again with 58 percent of homes selling over the asking price.
  • Bay Area housing market correction resembles “Table Top” with prices remaining flat, compared to “Mountain Top” seen in the last cycle when prices fell significantly following the peak.

“Table Top” is a good way to describe the current peaking. However, South Bay is more like “Mountain Top” instead.

Maybe the IPO money is keeping SF afloat.

What is the article talking about? Easy to build houses Austin didn’t slow down at all. Huge increase in inventory is absorbed quickly. Still plenty of places to build houses, so despite the huge increase in demand from out-of-state and in-migration from other parts of Texas, price increases should be moderate. Slow and steady like a tortoise. Many new construction in North suburbs such as Leander, Round Rock, and Pflugerville. Cedar Park is almost fully built :grinning: Some exurbs see new construction too e.g. Dripping Springs… those who like huge mansions in a few acres of land can choose to buy there.

much pricier markets like San Jose, California, Seattle and Boston were still seeing inventory gains.

Where is California city?

Did the article say median price went up because more sale of luxury and ultra luxury houses? What about individual houses? Can fetch higher prices?