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California Bay Area Home Sales Decline 2% YoY in May, Inventory up 15% YoY

Summary:
From Compass chief economist Selma Hepp: Plenty of Bay Area buyers, but why are they hesitant?• While April’s momentum is slightly slower in May, May sales are still only 2 percent below last year’s highs after double-digit declines earlier in the year.• Home sales momentum remains solid in East Bay. Napa sales finally jumped 6 percent after a 6-month losing streak, averaging 20 percent annual declines.• Affordable sales picked up again with sales of homes priced below million up 3 percent year-over-year, the first two-month consecutive annual increase in the last four years.• For-sale inventory growth is slowing after the winter jump with homes averaging seven days longer on the market.• San-Francisco continues to see significant inventory declines with May down 19 percent YOY (four

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From Compass chief economist Selma Hepp: Plenty of Bay Area buyers, but why are they hesitant?
• While April’s momentum is slightly slower in May, May sales are still only 2 percent below last year’s highs after double-digit declines earlier in the year.

• Home sales momentum remains solid in East Bay. Napa sales finally jumped 6 percent after a 6-month losing streak, averaging 20 percent annual declines.

• Affordable sales picked up again with sales of homes priced below $1 million up 3 percent year-over-year, the first two-month consecutive annual increase in the last four years.

• For-sale inventory growth is slowing after the winter jump with homes averaging seven days longer on the market.

• San-Francisco continues to see significant inventory declines with May down 19 percent YOY (four months of declines averaging 20 percent).

• Buyer competition picks up again with 58 percent of homes selling over the asking price.

• Bay Area housing market correction resembles “Table Top” with prices remaining flat, compared to “Mountain Top” seen in the last cycle when prices fell significantly following the peak.

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