The supply of homes for sale increases in SF, Bay Area

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Bay Area home buyers had a little hiatus last month as prices continued to decline in much of the region while inventories rose slightly, new data shows.

The average selling price in the Bay Area was $ 1,265,000 in August, down 2.7% from $ 1,300,750 the previous month, according to a report by the California Association of Realtors released Thursday. This followed a decline of 3.6% from June to July. Compared to the previous year, however, the prices were still 18.4% higher.

The biggest drop in the nine-county region was in Marin County, where the average sales price fell 10.9% to $ 1,560,000 from July through August, according to Realtors Group. In San Mateo County, prices fell 8.8% to a median of $ 1,925,000, and in Contra Costa the decrease was 5.4%, with a median of $ 889,500.

The median in San Francisco was relatively flat at $ 1,850,000, just $ 2,500 less than in July. Sonoma was the only county in the Bay Area to see an increase, with the average sales price increasing 1.1% to $ 770,000 in August.

The price declines were accompanied by a slight increase in supply: The available apartments listed on the real estate website Zillow in the metropolitan area of ​​San Francisco rose from 8,630 in July to 8,795 in August. The proportion of offers with price cuts also increased – which meant that buyers had more choice and a better chance of a drop in the offer price. However, compared to the same month in 2020, inventory decreased by 4.1%.

Zillow defines the metropolitan area of ​​San Francisco as Alameda, Contra Costa, San Francisco, San Mateo, and Marin Counties.

Home inventory for sale, August 2021.

Home inventory for sale, August 2021.

Ziller economic research

According to the brokerage group, the unsold inventory index, which indicates the number of months it would take to sell supply of homes in the market at current price, was unchanged for most of the Bay Area counties in August.

Nationwide, the median sales price hit its fifth record in six months, hitting $ 827,940, up 2.1% from July and 17.1% from August last year, Realtors Group said.

Zillow uses another metric called “Typical Home Value,” which is the average of the middle third of the market minus the top and bottom 5%. In August, the typical home value in the San Francisco metropolitan area was $ 1,331,868, according to Zillow, up 1.5% from July and 17.9% year over year.

Nationwide, while home values ​​rose in all 50 of the country’s largest markets last month, the slowdown is widespread, according to Zillow – 43 of the 50 major subways saw a slowdown in appreciation. San Francisco was among the cities with the greatest decline, along with Buffalo, San Diego and Austin.

The “stepping on the accelerator” on home equity “is an indication that equilibrium is returning to the market,” said Nicole Bachaud, economic data analyst at Zillow, in a press release. But the factors that “pushed the market to the limit” this year are still there, she said.

Zillow observed rent index, August 2021.

Zillow observed rent index, August 2021.

Ziller economic research

Home sales have been rising monthly across the country since March, and monthly rental growth has accelerated since January before slowing slightly last month.

According to Zillow, the typical rent in the San Francisco metropolitan area increased – about $ 3,092 per month – from $ 3,072 in July and up 3.9% from $ 2,977 in August 2020.

Danielle Echeverria is a contributor to the San Francisco Chronicle. Email: [email protected] Twitter: @DanielleEchev



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