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Bay Area Home Sales, Prices Drop in August

Bay Area home sales slowed in August compared with July and home prices also dipped, according to figures released Thursday by CoreLogic.

The median price paid for a new or existing home or condo in the nine-county Bay Area was $650,000 last month — down 1.3 percent from July. The 6.2 percent price increase over August 2014 was the smallest since January.

“The downshifting (in sales) between July and August was pronounced and not necessarily expected,” said CoreLogic analyst Andrew LePage.

A total of 8,062 homes were sold, down 11.7 percent from July and up 4.5 percent from August of last year. The 4.5 percent year-to-year gain was the smallest increase since sales began to rise by that measure in March.

Over the past 25 years, Bay Area home sales have risen an average of 2 percent between July and August.

It’s too soon to say whether the market changed fundamentally in August or simply took a breather. Sales in June and July were the highest in nine and 10 years, respectively. “One question since late spring has been whether we can replenish inventory fast enough to keep sales at this higher, more normal level,” LePage said.

Read more: San Francisco Chronicle Bay Area home sales, prices drop in August

Bay Area Home Sales, Prices Drop in Aug 2015