Home sales dropping in East Bay communities

Bay Area

PLEASANT HILL, Calif. (KRON) — In the East Bay, home sales in many communities have slowed down from month-to-month, while inventory is up.

That’s according to the Bay East Association of Realtors.

“COVID-19 has really changed the concept of the seasonal nature of real estate,” David Stark said.

Before the pandemic, David Stark says peak single-family housing inventory in the East Bay happened in the spring.

But in communities like Pleasant Hill, Clayton and Hayward, year-over-year — more homes are listed on the market.

A combined increase of 51%.

But fewer are being sold, a drop off of about 6%.

“Something very interesting happened last year,” Stark said. “We saw a peak of inventory in the spring, and then a second peak in the fall. and, we could be experiencing something very similar this year.”

Stark speaks for the Bay East Association of Realtors, a group that monitors housing trends for more than 6,000 real estate professionals throughout the Bay Area.

“We’ve got both, historically low interest rates, which make it easier to qualify for a mortgage. At the same time, historically high sales prices. So even though mortgage interest rates may be low, you’re still having to qualify for a large mortgage and make a large payment,” Stark said. “So I think what we’re seeing in some communities is what we’re calling buyer-fatigue, and they’re saying, ‘We’re going to back off for a second and see what happens with the market.'”

Stark says despite home sales in the east bay dropping this year from June to July.

On average, single-family homes only stayed on the market 14 days last month.

“And, that’s a good indicator that buyers are out there, they’re making offers and the offers are being accepted,” Stark said. “So, that’s a great way to tell how healthy these markets are, the fact that homes are selling very quickly.”

A trend Stark expects to continue through the end of the year.

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