Slowest August For Bay Area Home Sales In 7 Years

BAY AREA, CA – Thanks to ever-increasing median real-estate prices, Bay Area home sales in August were down nearly 10 percent from last year, capping off the slowest summer for home sales in the region in the past seven years, according to a CoreLogic report.

"Much of the recent slowdown can be attributed to the lack of affordable inventory on the market," CoreLogic analyst Andrew LePage said in a statement.

A total of 7,659 new and existing houses and condos were sold across all nine Bay Area counties in August, up 1.8 percent over July sales, but down 9.9 percent from August 2017.

The median home price in August was $830,000. That's still 12 percent higher than the same time last year, but it marks a down trend from the record median-price high of $875,000 in May and June.

"Unlike the frenzied market of the mid-2000s, many struggling to buy today don't have the option to stretch financially with the sort of sub-prime and other risky financing that fueled a lot of home buying late in the last cycle," LePage said.

By Bay City News Service / Image via Shutterstock