California Bay Area Home Sales Decline 13 Percent YoY in June

Here are some Bay Area stats from Pacific Union chief economist Selma Hepp: Are Bay Area Housing Markets Getting the Jitters? June’s Median Price Growth Doesn’t Suggest So.

• Bay Area home sales dropped by 13 percent year over year in June.

• Sales in Sonoma and Napa counties slowed by more than 20 percent, while activity in San Francisco, Marin, and Alameda counties declined by about 10 percent.

• Sales of homes priced at less than $1 million fell at the fastest rate seen in two years, down by 28 percent, driven by 50 percent drops in San Mateo and Santa Clara counties.

• Sales of homes priced above $1 million continued to grow; however, June’s increase was the smallest seen in a year.

• Inventory dropped by 2 percent, but the decline was the smallest seen over the last year.