Tripped up by ‘eroding affordability and persistently low inventory.’ Pending home sales in California, based on signed contracts, fell 2.6% in October compared to a year ago, the fourth month in a row of year-over-year declines, after having dropped 6% in September, 3.5% in August, and 2.6% in July.
‘A continued scarcity of housing inventory, which drove up home prices, may squeeze the market heading into the closing months of the year,’ explained the California Association of Realtors (C. A. R.) in the report.
Of the three major regions, only the Central Valley booked gains.
San Francisco Bay Area: Pending home sales dropped 10.5% year-over-year in October, after having dropped 10.8% in September, 11.6% in August, 11.5% in July… the 13th month in a row of year-over-year declines. In the two counties that make up the core of Silicon Valley – the counties of San Mateo and Santa Clara – pending sales plunged 10.9% and 21.4%! San Francisco County was ‘the anomaly,’ as the report put it, with pending sales jumping 15.1%.
This post was published at Wolf Street on Nov 25, 2017.
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