Bay Area home sales down by 50% in May

The latest report by the California Association of Realtors confirmed what many suspected: home sales in the Bay Area dropped by 51.1 percent compared to May 2019 and prices declined by 2.5 percent. Since it takes 30 to 60 days for a sale to close after an offer has been accepted, many sales went into contract in Apil when the state was still on strict lockdown.

Analysts remain optimistic that as the state slowly reopens and the economy rebounds, pending sales will start to creep upwards. Meanwhile, restrictions remain: open houses for realtors and the public are not allowed, while one-on-one showings are permitted if a virtual showing is not possible.

Most realtors report that they continue to get calls from San Francisco residents looking to move to the suburbs as they continue to work from home and the lure of the city is no longer as strong.

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