The number of Napa County homes sold in October rose 26.7 percent from October 2017 to this October, reported data service CoreLogic.
At the same time the median price of a Napa County home rose from $590,000 to $605,000.
From September to October this year the number of homes sold in Napa County rose 9.4 percent while the median sold price dipped from $633,000 to $605,000.
The Napa County trend contrasted with Bay Area-wide statistics.
CoreLogic shows a total of 7,158 new and existing houses and condominiums were sold in Napa, Alameda, Contra Costa, Marin, Santa Clara, San Francisco, San Mateo, Solano and Sonoma counties in October 2018.
This number is up 19.8 percent month over month from 5,974 sales in September 2018, and down 6.5 percent year over year from 7,656 sales in October 2017.
Total October 2018 home sales in the San Francisco Bay Area were the lowest for that month since 2011 when 6,436 homes were sold.
Sales in the Bay Area have fallen on a year-over-year basis the past five consecutive months. June sales fell 8.6 percent, while July and August sales declined 0.5 and 9.8 percent, respectively, and September sales fell 18.8 percent.
Since 1988, the average change in San Francisco Bay Area home sales between September and October is a gain of 2.5 percent. October sales have ranged from a low of 5,486 in 2007, to a high of 13,392 in 2003. October 2018 sales were 15 percent below the October average of 8,422.
In October 2018, sales of newly built homes (detached houses and condos combined) were 38 percent below the month’s historical average, while resales were 12.1 percent below the month’s average.
Ignoring the 2003-2006 housing boom that was fueled by risky home loans, October 2018 resales were 7.5 percent below the long-term average for the month.
“Bay Area home sales fell below the previous year for the fifth consecutive month with some potential buyers either priced out or holding for a better deal,” said Andrew LePage, a CoreLogic analyst.
“Although total sales dropped nearly 7 percent year over year in October, the declines were much sharper for activity below $800,000 and $500,000 – down 16 percent and 21 percent, respectively,” he said.
“Meanwhile, $1 million-plus sales rose 11.4 percent. This October’s overall sales decline wasn’t nearly as deep as September’s almost 19 percent annual drop, but there’s a caveat. This October had one more business day for recording transactions and, adjusting for that, the sales decline was roughly 11 percent. Also, October sales last year were relatively weak in two of the region’s nine counties – Sonoma and Napa – which were struggling with major wildfires at that time. As a result, both counties logged year-over-year sales gains above 20 percent this October, helping to reduce the magnitude of the region’s sales decline.”
The median price paid for all homes sold in the San Francisco Bay Area in October 2018 was $845,000, up 3.7 percent from $815,000 in September 2018 and up 9.3 percent from $773,500 in October 2017. The $875,000 median price in May and June 2018 was the highest ever recorded.
On a year-over-year basis, the median sale price has risen for 79 consecutive months (since April 2012). Those gains had been in the double digits for 13 consecutive months prior to September 2018.
“Price growth has decreased this year because of the pullback by some potential buyers and a rise in inventory,” LePage said.
“The 9.3 percent annual gain in the region’s median sale price last month reflects both price increases over the past year as well as a subtle shift toward a higher share of sales occurring in the middle and high end of the market.”
“Fall-winter home shoppers could find a tamer, more favorable shopping environment, but many will still struggle with the one-two combo of higher prices and mortgage rates. While October’s median price was up 9.3 percent from a year earlier, the principal-and-interest mortgage payment on the median-priced home was up 22 percent because mortgage rates increased nearly one percentage point over that period.”
Home sales of $500,000 or more accounted for 80 percent of all sales in October 2018, up from 79.7 percent in September 2018 and up from 76.2 percent in October 2017.