Bay Area Home Prices Rise, Sales Slow
The Bay Area's median home price has risen now for 55 consecutive months on a year-over-year basis and reached $675,000 in October, property data service CoreLogic reported Wednesday.
October's median increased 6.1 percent from a year earlier.
But sales of 7,505 new and existing houses and condominiums was the lowest for October in five years, analyst Andrew LePage said in a statement. To date this year, sales have decreased about 3 percent from the same period for 2015.
A post-election bump in mortgage rates "has encouraged some would-be buyers who've been 'on the fence' to buy sooner rather than later out of fear that rates will continue to rise," LePage said. He predicted other buyers may hold off to see if rates drift lower.
In Sonoma County, the median single-family home price increased 12.3 percent in October from a year earlier to $595,0000, according to The Press Democrat monthly housing report.