Bay Area Home Sales Finally Cooled Off In December 2018
Bay Area home prices were on a hot streak for the majority of 2018. With a strong economy and influx of professionals, the housing market for the Bay Area was incredibly competitive, driving prices up. In December 2018, things took a turn as home sales cooled down.
"Cautious buyers in the country's most expensive housing market waited for better deals or refused to sign budget-busting mortgages, agents say," according to a National Mortgage News report.
"The number of home sales plunged 20% from the previous December, and marked the slowest holiday month in 11 years, according to CoreLogic."
According to the report, there were a number of contributing factors including the seven-year high for mortgage rates in November 2018. Meanwhile, stock market volatility and uncertainty were also contributing factors to the slow.
"Santa Clara County, home to Apple, Google and other hugely profitable and expanding tech giants, saw home sale prices plummet 10% in December," according to NMN.
"In 2018, homes prices in the county rose by double digits every month through the spring and summer."
To learn more about the cooling period for Bay Area home sales, click on the image above.