(KRON) — Home sale prices in two of the Bay Area’s biggest cities saw significant year-over-year declines as a topsy-turvy economy continues to deter buyers and sellers, according to a new report from Redfin.
Home sale prices in Oakland fell 3% year over year. Across the Bay in San Francisco, home sale prices saw a 2% decline. New Orleans was the only other metro area to see a year-over-year decline in sales prices, according to the survey.
Economic volatility and inflation along with 6.5%-plus mortgage rates are among the key factors deterring would-be homebuyers and sellers nationwide, Redfin said. Pending home sales and new listings saw big annual declines through the summer. That activity is plunging even further as we head into fall.
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Among the other housing market slowdown indicators the report cites are fewer people searching for “homes for sale” on Google and a 23% decline in touring activity from the start of the year, as of Oct. 9. Mortgage purchase applications were down 2% week over week, seasonally adjusted, and were down 39% from a year earlier during the week ending Oct. 7.
Pending home sales also saw a significant decline — 28% year over year — the largest decline since May of 2020.