Bay Area housing: Pending sales fall across region, state

Pending home sales fell markedly across California in September, with the largest regional drop-off occurring in the Bay Area.

That’s according to a new survey by the California Association of Realtors (C.A.R.)

“After a solid run-up of closed sales in May, June and August,” the report said, “continued housing inventory issues and affordability constraints may have pushed the market to a tipping point, suggesting the pace of growth will slow in the fall.”

Statewide, pending sales fell 6 percent on a year-over-year basis in September, while they fell 10.8 percent in the Bay Area. They were down 7.1 percent in Southern California and 0.6 percent in the Central Valley.

But look at these numbers for the Bay Area and surrounding counties.

Pending sales in Santa Clara County were down 23.5 percent from September 2016. They were down 22.4 percent in San Mateo, but up 2.8 percent in San Francisco. In outlying areas, they were down 16.9 percent in Monterey County and 16.8 percent in Sacramento County. They rose 18.2 percent in Santa Cruz County.

Even with the overall plunge in pending sales, C.A.R. reported that “home sales continue to outstrip new listings coming online to restock sold units.” Given the steady demand from buyers and the tight housing supply, C.A.R. expects prices to continue to rise across the state.

C.A.R. also reported that the share of homes selling above asking price across the state fell from 31 percent in September 2016 to 29 percent in September 2017. Among homes that sold above asking price, the premium paid over asking climbed during that same period from 8 percent to 13 percent.

Multiple bids were up, too: “The share of properties receiving three or more offers in September was 41 percent compared to 35 percent a year ago,” the report said.

You can read the report here.

Photo: A “sale pending” sign hangs outside a house in Palo Alto. (Paul Sakuma/AP)

 

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