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California Bay Area Home Sales Decline 8% YoY in October, Inventory up 21% YoY


Here are some Bay Area stats from Pacific Union chief economist Selma Hepp:

• Bay Area home sales dipped by 8 percent year over year in October; however, the 19 percent increase from September was the highest monthly increase between September and October going back to 1990.

• Santa Clara County and East Bay counties continued to lead the sales declines, while San Francisco activity remained steady on an annual basis.

• Sales of higher priced homes — million-plus — rebounded notably, up by 24 percent from October 2017 following a September drop.

• Inventory grew by 21 percent year over year, with almost half of the increase — or more than 1,100 homes — priced below million.

• Lower-priced inventory rose by 18 percent – the largest increase following 15 months of double-digit percent declines.

• Buyers of homes priced below million are decidedly restrained, with the fewest homes selling for more than asking price since January 2017.

• There were more price reductions across the region and at all price ranges, with lower-priced homes posting the largest share of reductions in the past three years.

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