Bay Area real estate prices continue to decline

Green Escrow | Real Estate News

For the sixth straight month, Bay Area real estate prices declined according to the most recent report by CoreLogic. The median price for a new or existing home or condo in the Bay Area in August was $810,000, down 0.7 percent from July and down 2.4 percent from August 2018.

In addition, the total number of sales in August also declined with 7,247 transactions down 2.3 percent from July and down 5.7 percent from August 2018.

Still, affordability remains a big problem in the Bay Area.

November Home Sales Down, Demand Remains High

Green Escrow | Real Estate News

The San Jose Mercury News reports home sales in November were at their lowest level since 2007-08 in both the East Bay and South Bay. Part of the reason may be attributed to there being fewer days to record sales – 17 as opposed to the more common 19 days. However, low inventory, high prices, and difficult to get loans were also a significant factor.

Demand remains high as clearly reflected in the rise in prices over the course of 2014. In San Mateo County home prices reached an all-time high in October and likewise in Santa Clara County in June. Alameda County came within 4.4 of a record high while Contra Costa County remained 35 percent below it’s peak.

Many agents predict that demand will remain high as would-be buyers try to escape rising rents and purchase a home before interest rates increase, as they are projected to do in 2015.