Industry News

S.F. Bay Area home sales hit 17-year low

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Despite last month's rise in San Francisco Bay Area home sales, activity for October was at its slowest pace in 17 years, according to a report from real estate research firm DataQuick Information Systems. A total of 5,486 new and resale houses and condos were sold in the nine-county Bay Area in October, which was up 9.4 percent from September's 5,014 sales but down 35.7 percent from 8,532 for October a year ago, DataQuick reported. DataQuick attributed the large year-over-year decline to market turbulence and hesitant buyers, and noted that the last time October sales were this low was in 1990 when 6,443 homes sold. "The metro Bay Area markets -- near the coast and close to the major job centers -- are weathering this downturn better than the rest of the state," DataQuick President Marshall Prentice said in a statement. "We're finding that higher-priced areas are not seeing the price declines we're seeing in the more affordable areas that absorbed spillover activity during the frenzy ...