Bay Area home sales in October the lowest in 15 years

Green Escrow | Real Estate

A new report from Compass states that not only were Bay Area home sales down in October they were the worst since 2007.

Although home prices declined, they still remain high, which, in combination with interest rates over 7 percent, saw many would=be buyers step away while sellers were delisting their homes.

Of course, this could be an opportunity for savvy buyers as the competition has lest3enend and sellers are much more willing to negotiate.

Bay Area home sales cool … slightly

Bay Area home prices dipped in August … to a cool $1.1 million median price, down 6 percent. However, keeping things in context, this is an increase of 12.8 percent over August of last year.

While prices were down slightly, overall sales were up 15 percent over last year. The trend continues to be towards the suburbs as residents leave the big cities for larger homes where they can work remotely.