A new report from PropertyRadar reveals that home sales in the Bay Area for the first nine months of 2016 were at their lowest for that time period since 2008. HousingWire staffer Ben Lane takes a look at the report which shows that homes sold in the Bay Area for the first nine months fell 10.3% from 52,001 in 2015 to 46,650 in 2016.
Of greater note was the 35.7% decline in distressed properties sold, reaching their lowest level since 2001. Madeline Schnapp, director of Economic Research for PropertyRadar, explains how this decline affected overall sales:
“For several years now, the affordability of distressed properties contributed significantly to overall sales,” Schnapp added. “Distressed property inventory has declined to the point it’s now a drag on overall sales. Bay Area sales will likely remain relatively flat until new, attractively priced, inventory arrives on the scene.”