The houses are on the market but no one is buying. In Alameda and Contra Costa counties, one out three homes for sale lowered their price in June. In San Mateo and Santa Clara counties, it was one out of two.
It is estimated that inventory in the Bay Area has increased by 35% over last year while the average time on the market is now 20 days as compared with 14 days in June 2024.
Of course, even with lower prices, they still are much higher than before the pandemic. This, coupled with mortgage rates above 6.5%, have pushed the possibility of buying a home out of reach for many buyers.