FILE - In this Thursday, Dec. 3, 2015, file photo, a home under construction and for sale is shown in Roswell, Ga. On Wednesday, Oct. 26, 2016, the Commerce Department reports on sales of new homes in September. (AP Photo/John Bazemore, File)
John Bazemore FILE - In this Thursday, Dec. 3, 2015, file photo, a home under construction and for sale is shown in Roswell, Ga. On Wednesday, Oct. 26, 2016, the Commerce Department reports on sales of new homes in September. (AP Photo/John Bazemore, File)

A new report from the California Association of Realtors gives even more credence to the belief that the once-sizzling Bay Area housing market is cooling. The Mercury News staffer Richard Scheinin takes a look at this latest report which shows pending sales down in San Francisco and Santa Clara County by 21.2% and 12.5% respectively.

Jordan Levine, an economist for the California Association of Realtors, emphasizes that rising home prices are eating into demand with many buyers feeling less competitive after seeing the sticker price:

“It’s a question of finding the funds you need for a down payment,” he said. “When prices get to the levels that we’re seeing, you’re still having to come up with a pretty decent down payment — even if you’re a first-time home buyer getting an FHA loan for 3.5 percent down.”

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