In June, new and existing home sales in the San Francisco Bay Area fell more than 9 percent year-over-year, based on new CoreLogic data.
In all Bay Area counties except for San Francisco, home sells fell year-over-year. In San Francisco, sales grew 2.4 percent; the city had the highest median home price of all counties in the region, growing 7.3 percent to $1,341,000, CNBC reports. “Last month’s home sales were the lowest for June in four years, and the year-over-year drop in the total number of transactions was the largest in 14 months,” says Andrew LePage, a CoreLogic analyst.
California building permits for single-family homes have been rising sizably and steadily over the past year, according to the California Department of Finance. More supply should translate to more sales, but, again, high prices and higher interest rates are hitting affordability hard. Northern California appears to be going through the same problem as the state's southern half, which saw a dramatic drop in June home sales as well. Additionally noteworthy is that these numbers include sales of newly built homes.
