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.
Donna H on State of Mind
In the mortgage business myself. Volume dropped last month, a bit early than what we’re used to. But agree, it’s all cyclical. It will be back…
So many years so many cycles. Just hope we don’t find ourselves in another man-made disaster like 2008. Enjoy your photos and especially the fall colors since I don’t get too much of that kind of foliage where I live. Good shooting. Joe