A new report by Corelogic shows the Bay Area just had its slowest September in 11 years.
[Ads /]
STUDY: It would take 20.5 years of saving to afford down payment for SJ home
Last month, our nine-county region recorded 5,970 homes sold. That's down nearly 19 percent from September of last year.
Sales dropped just over 22 percent from August to September, and while there's always a slowdown from summer to fall, this decline is nearly double the 30-year average. Prices are also trending downward.
RELATED: Buying home may be unattainable for majority of Bay Area residents, study finds
[Ads /]
The median home sold for $815,000 in September, a nearly 2 percent drop from August, though it's still up 9 percent from a year ago.
"The home prices have been going up almost 100 percent in the last five years and it's just unsustainable. So a small drop in prices is expected," said Bay Area realtor Donald Kung.
Kung says with Silicon Valley driving job growth and newcomers, there's still a huge demand for housing.
2018 VOTER GUIDE: A look at California's Prop 1: Housing Assistance Bonds
But sky-high prices and increasing mortgage rates have put some buyers on the sidelines.
[Ads /]
So what does this mean for you?
"When you look at the market, when you see some corrections and this is a neighborhood you want to buy into, this is a good opportunity for buyers. And maybe sellers' expectations need to be taken down a little bit," Kung said.
Kung says if you're selling, consider renovating because homes that don't need buyers to put in additional money are definitely moving faster.
2018 VOTER GUIDE: A look at California's Prop 2
For more stories related to the real estate market, visit this page.