California Bay Area Home Sales Decline 17% YoY in November, Inventory up 27% YoY

From Pacific Union chief economist Selma Hepp: Bay Area Housing Inventory Again Posted a Solid Increase in November

• Overall Bay Area home sales (single-family homes and condominiums) declined by 17 percent year over year in November, with all counties and price ranges posting decreases.

• Year to date, total 2018 sales are 5 percent below last year; however, sales of homes priced higher than $1 million are still trending above 2017 levels.

• Some communities — particularly Marin County’s San Anselmo and a few others in San Mateo and Contra Costa counties — continued to post more sales compared with last year.

• Inventory jumped by 27 percent year over year in November, with homes priced below $1 million up by 27 percent, homes priced between $1 million and $2 million up by 39 percent, and homes priced above $2 million up by 9 percent.
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• Most of the inventory increases and price reductions were in areas that lack access to employment centers and transit corridors.