Median Home Prices Fell Everywhere in the Bay Area Except Solano County in June
Median Home Prices Fell Everywhere in the Bay Area Except Solano County in June
Source: sfgate.com
Home prices have been falling across the Bay Area this summer as the real estate market continues to cool in response to high inflation and rising interest rates. But one Bay Area county did manage to make small gains in June, according to recent data from the California Association of Realtors.
Nearly every Bay Area county saw a drop in median home prices for single-family homes in June 2022 when compared with May, with Marin County seeing the sharpest dip at 14.3%. Alameda County also saw a significant drop at 8.1%, while Napa County saw a 7% decrease and San Francisco County saw a 5.7% decrease.
But the often-forgotten Solano County experienced a small increase, with a 1.5% improvement from May to June.
Sales are also up 8.7% year over year in Solano County. The continued acceptance of remote work has helped fuel the Solano market, said Tim Garton, an agent with Remax Gold in Vallejo, as people are less hesitant to move far outside the major job markets like Silicon Valley and San Francisco. He said typically buyers from those markets made up about 20% of his business, but over the past two years it has risen to nearly 40%.
The area is also historically the most affordable in the region. “That’s still probably the biggest reason,” Garton said.
California home sales took a hit overall in June, with a stark 21% year-over-year decline. That’s the biggest downturn since 2008, during the peak of the Great Recession, and excluding the short pandemic downturn in 2020.
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Source: sfgate.com