KRON4 is keeping tabs on the red-hot Bay Area real estate market, and there are some indications the market may be slowing down.
A lack of inventory may be the reason, but single-family home prices, if you can find one, just keep going up.
“There is some seasonality,” Better Homes and Garden Real Estate Agent Jim Bolton said. “July is a big vacation month.”
Bolton says prices are still going up.
“Houses still sell quickly and they are selling for more than the asking price, typically,” Bolton said.
Indeed, median prices in June for existing homes in the nine-county region have seen double-digit gains over a year ago, to $920,000, but sales dropped 9.2 percent, according to the real estate data firm CoreLogic.
“We are seeing some degree of variability,” Bolton said. “By that, I mean price increases versus price decreases, so we’re seeing a bit more decreases, which may be an indication of what some are seeing as a softening of the market.”
But not in San Mateo County, where the median sales price in June for single-family homes is $1.5 million.