Once again reflecting the tight supply of available homes, Bay Area housing sales fell in October from a year earlier as prices rose across the nine-county region by nearly 11 percent. The median price of a Bay Area home was $765,000.
“October home sales in the San Francisco Bay Area were the lowest for the month of October in six years,” said Andrew LePage, research analyst with the CoreLogic real estate information service which analyzed market trends for single-family homes, condominiums and townhomes. “This is a reflection of low inventory, affordability constraints and market disruptions caused by the destructive and deadly North Bay wildfires that began in early October.
“The number of transactions recorded last month in Sonoma and Napa counties, where fires destroyed thousands of homes, fell significantly both month-over-month and year-over-year. Across the nine-county region, total home sales between January and October were roughly 1 percent lower than during that same period last year, and were the lowest for that 10-month period since 2014.”
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Median sale prices hit new peaks in Santa Clara County ($972,000, up 16.7 percent from a year earlier) and Alameda County ($775,000, up 13.1 percent).
With buyers bidding up prices on scant inventory, the cost of housing has been rising relentlessly for some time now. The region’s median sale price has climbed for 67 straight months — since April 2012 — and there has been double-digit appreciation for the past three months, according to CoreLogic. Between May and October, the nine-county region posted an average year-over-year gain in its median sale price of 10.5 percent — up from 5.9 percent during the same six-month period in 2016.
Here are a few more numbers.
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In Contra Costa County, the …
Source:: The Mercury News – Lifestyle