SAN FRANCISCO (KRON) — Bay Area home sales are down approximately 17% from last year, according to a report by RE/MAX or Real Estate Maximums, which is an American international real estate company. The report said there were 4,099 housing transactions in April 2022 compared to 4,952 in April 2021 — a difference of 853 or approximately 17%.
It’s no secret that the Bay Area is one of the more expensive regions to live in the country. In addition, the report’s findings say home sale prices have gone up 12.6% since last year.
The active housing inventory is up 10% since last year, the report said. Despite the inventory going up from last year, inventory still remains at record-low levels.
According to President and Broker of RE/MAX Gold Bay Area Tim Yee, some factors include rising interest rates, unchecked inflation, and consumer confidence have contributed to recent trends in the Bay Area housing market. Yee said a number of buyers on the cheaper end of the spectrum have been priced out.
RE/MAX said the average Bay Area home is on the market for 21 days. The median listing price is $1,099,000 for April 2022 compared to $999,000 the same time last year — one-year difference of 10%.
However, the median price those properties were sold at were reported to be higher. The median price sold was $1.3 million for April 2022 compared to $1,155,000 in April 2021 — a one-year difference of 12.6%.
The Bay Area consists of nine counties: Alameda, Contra Costa, Marin, Napa, San Francisco, San Mateo, Santa Clara, Solano, and Sonoma. Last November, KRON4 reported that nearly 50 Bay Area zip codes made the list for the most expensive real estate in the U.S.