Home price reductions, sales changes, and median price changes in the Bay Area, June 2016 through January 2019.
California housing markets are at a critical juncture at the beginning of 2019. After experiencing the tightest market conditions seen over the past three years in the first half of 2018, the number of homes sold in the Bay Area and Los Angeles has continuously declined since mid-2018. In January 2019, the year-over-year decrease in home sales continued at double-digit-percent rates, with the three-month average decline in the Bay Area at 16 percent and Los Angeles down by 18 percent. In other words, over the last three months, about 1,100 fewer units sold on average per month than last year in Los Angeles, while the Bay Area averaged about 700 fewer sales.
Sellers have noticed the cooling buyer demand, which has led them to change their pricing expectations. But even with more price reductions, added inventory, and lower mortgage rates, buyers are not as confident as they were last spring. View full detail @bethanywpatten
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