Report Suggests Bay Area Housing Market Could Be Cooling Off - NBC Bay Area
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Report Suggests Bay Area Housing Market Could Be Cooling Off

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    A new housing report suggests that the Bay Area housing market may be cooling off, but not for every region. Kris Sanchez reports.

    (Published Wednesday, Oct. 25, 2017)

    A new housing report suggests that the Bay Area housing market may be cooling off, but not for every region.

    Bay Area home sales overall dropped about 4 percent this September compared to one year ago, according to the California Association of Realtors.

    Alameda County witnessed a 15 percent decrease in home sales, according to the report. Napa home sales fell 12.4 percent, Solano County sales declined 6.3 percent and Contra Costa County sales slipped 5.5 percent.

    The one county with a jump in sales was Marin County, which saw a nearly 24 percent increase, according to the report.

    Santa Clara, San Francisco, San Mateo and Sonoma counties experienced either no change in home sales or shifts below the 2 percent threshold, the report indicated.

    While the number of sales drops, home prices continue to soar. The median price for a single-family home in the Bay Area rose 11.7 percent this past year, according to the report.

    Sales could be on the decline and prices could be climbing due to a lack of supply. Active sale listings across the region were down 20 percent in September compared to last year, according to the report.

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