10/17/2021

Bay Area Home Sales Drop, Prices Turn Flat

The Bay Area housing market turned noticeably sluggish during April, according to a report released Thursday that sketched a picture of flat prices and tumbling sales.

The median price in the Bay Area of a previously owned home remained unchanged in April at $900,000, compared with the same month in 2018, according to a report from real estate data firm CoreLogic. Sales of existing homes, though, sagged in the nine-county region, falling 7 percent year over year.

Home prices in the Bay Area have flattened out the past few months. In March, a record-breaking, seven-year streak of price gains came to an end.

That same month, home sales hit spring lows not seen for March since 2008. The slow-down in sales started in mid-2018, when more homes started to be put up for sale and prices no longer vaulted to double digit gains.

In April, several Bay Area counties saw both prices and sales decline. Santa Clara County led the slump, with sales dropping 13 percent and prices tumbling 7.7 percent. The median price fell from $1.32 million to $1.22 million.

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