Report: Bay Area home sales were slowest for September in 11 years

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There are signs that the red-hot Bay Area real estate market may finally be cooling off. (Shutterstock photo)

There are signs that the red-hot Bay Area real estate market may finally be cooling off.

A new report by Corelogic shows the Bay Area just had its slowest September in 11 years.

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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.

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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.

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But sky-high prices and increasing mortgage rates have put some buyers on the sidelines.

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.

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