Securities brokers like to say price movement without much sales volume is a market moving “without conviction.” We seem to be in that mode in the Bay Area home market right now. Sales volume dropped in September and prices are meandering. (See https://graphicrealestate.wordpress.com/sf-bay-area-housing-trends/ above.) The median home price in the Bay Area actually dropped for the second month in a row to $530,000 in September and it is 5.7% below the July peak. Sales volume in September was up 4.2% on a year-over-year basis but it is about 5% below the average level for the prior 12 months. Things typically slow down in the latter part of the year so a drop in sales volume is not a reason to walk off the end of the nearest pier.
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