Data newly released by real estate company CoreLogic showed that 149 homes were sold in Napa County in July. That’s a 15.5 percent increase compared to the 129 homes sold in July 2018.
At the same time, median home prices in Napa County dipped 4.6 percent -– from $669,500 one year ago to $638,500 this July.
The Napa County median also dipped month-over-month: from $677,000 this June to $638,500 in July.
The median home price also dipped in Sonoma County, according to a Sotheby’s International Realty news release. That county’s median was $635,000 in June, compared with $665,000 one year before.
“Sellers throughout Sonoma and Napa counties are a little more likely to negotiate on price, giving buyers the upper hand in scoring a deal and possibly a wonderful real estate investment,” said the real estate company.
For the greater Bay Area, CoreLogic reported a total of 7,404 new and existing houses and condominiums were sold in Alameda, Contra Costa, Marin, Napa, Santa Clara, San Francisco, San Mateo, Solano and Sonoma counties in July 2019.
This number is up 0.5 percent month over month from 7,369 sales in June 2019, and down 2.2 percent year over year from 7,570 sales in July 2018.
Total home sales in the San Francisco Bay Area in July 2019 were the lowest for that month since July 2011 when 7,014 homes sold.
Sales have fallen on a year-over-year basis for the past 12 consecutive months. The 2.2 percent annual decline in sales in July 2019 marked the smallest year-over-year decrease since July 2018, when sales were essentially flat — or up 0.04 percent — compared with July 2017.
Since 1988, the average change in San Francisco Bay Area home sales between June and July is a decline of 5.9 percent. July sales have ranged from a low of 6,666 in 1993, to a high of 14,258 in 2004. July 2019 sales were 18.4 percent below the July average of 9,073.
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In July 2019, sales of newly-built homes (detached houses and condos combined) were 43.3 percent below the month’s historical average, while resales (detached houses and condos combined) were 15.8 percent below the month’s average.
Ignoring the 2003-2006 housing boom that was fueled by risky home loans, July 2019 resales were 11.3 percent below the long-term average for the month.
“This July, Bay Area home sales once again fell below a year earlier, but the roughly 2 percent decline was the smallest for any month in the past year,” said Andrew LePage, a CoreLogic analyst.
“The modest strengthening in sales reflects a significant drop in mortgage rates in recent months in combination with a healthy job market, income growth and higher inventory,” said LePage.
“Lower mortgage rates and the slowing, if not elimination, of price growth in many areas makes a meaningful difference for some buyers. While the July median sale price was down 4.1 percent year over year, the principal-and-interest mortgage payment on the median-priced home was down 12 percent due to the combination of the median’s decline and a roughly 0.7 percentage point drop in mortgage rates.”
The caveat to this July’s 2.2 percent annual sales decline is there was one more business day for recording deals compared with July 2018.
If it weren’t for this, the annual change in sales likely would have been a decline of around 6 percent. Still, this is an improvement compared with the prior 12 months, when the year-over-year change in regional sales each month averaged out to a decline of 11.4 percent, said CoreLogic.
The median price paid for all homes sold in the San Francisco Bay Area in July 2019 was $815,500, down 4.7 percent from $856,000 in June 2019 and down 4.1 percent from $850,000 in July 2018.
This is the third consecutive month in which the regional median sale price has fallen on a year-over-year basis, beginning with a 1.9 percent year-over-year decline this May, followed by a 2.2 percent dip this June.
This July’s 4.1 percent annual decline in the median was the largest since December 2011, when the median fell 10.5 percent year over year. Before this March, the median sale price had risen on a year-over-year basis for 83 consecutive months – since April 2012. The $875,000 median in June 2018 was the highest ever