Data Points

Home prices by county: from high to higher

By November 18, 2018 No Comments
(Photo by Holger Link on Unspalsh)

Although Bay Area home prices have been plateauing in the last few months, the region’s home sales have been at their most sluggish in years, according to data from a research firm.

During September of this year, the nine Bay Area counties saw a 19 percent drop in homes sold compared to the same period last year, according to Irvine-based research firm CoreLogic.

This is despite the median home sale price for the area in September being almost 2 percent less than the month before.

1
1. San Mateo — $1,300,500
2
2. San Francisco — $1,300,000
3
3. Santa Clara — $1,061,000
4
4. Marin — $1,050,000
5
5. Alameda — $824,250
6
6. Napa — $633,000
7
7. Sonoma — $609,250
8
8. Contra Costa — $600,000
9
9. Solano — $430,000
  1. San Mateo — $1,300,500
  2. San Francisco — $1,300,000
  3. Santa Clara — $1,061,000
  4. Marin — $1,050,000
  5. Alameda — $824,250
  6. Napa — $633,000
  7. Sonoma — $609,250
  8. Contra Costa — $600,000
  9. Solano — $430,000

High interest rates are being cited by experts as a reason for the slowdown. “Interest rates will likely rise and [worsen] housing affordability,” said Steve White, president for the trade group California Association of Realtors.

The association projects homes sales to remain weak in 2019 with sales of single-family homes dropping by 3.3 percent, compared to 2018.

In September, California’s average mortgage was at $512,500 — the highest in the nation — according to data from Washington, D.C.-based Mortgage Bankers Association. In contrast, the national mortgage average was $290,500.

Source: CoreLogic, California Association of Realtors, Mortgage Bankers Association