- Home sales activity continued with annual declines posting a 10 percent year-over-year (YOY) decline in the first quarter.
- Sales priced over $2 million have slowed notably compared to 2018, down 25 percent YOY in Q1, but still above 2017 levels.
- However, after a short period of improved inventories, sellers in San Francisco took homes off the market in recent months waiting for IPO buyers – bringing inventories below last year’s levels in all price ranges.
- Bay Area housing markets have all the characteristics of a potentially robust home-buying season — more inventories, lower mortgage interest rates than last spring, motivated buyers and sellers, and possibly more IPOs in the pipeline.
Table 2 summarizes March’s year-over-year change in inventories across all Bay Area communities. Fortunately for Bay Area home buyers, inventory options have generally improved compared to last year. In addition, inventory of homes priced below $1 million has improved, driven by jumps in Alameda and Santa Clara. Read the full article @bethanywpatten