GRI / Broker / President
14585 Big Basin Way, Saratoga, CA 95070
Market is cooling down
The turbocharged Bay Area housing market ran out of gas in July as the region turned out the lowest annual price gain in almost two years, according to a report Thursday.
San Mateo and Contra Costa counties were among those seeing single-digit price gains for the first time in about two years, while Santa Clara County's single-digit gain was only the second in 23 months.
San Mateo County prices were up 7.4 percent from the previous July to $895,000; Santa Clara County rose just 9.5 percent to $810,000, and Contra Costa County sales prices increased 9.3 percent to $492,250. Alameda County had a double-digit gain of 13.9 percent to $649,000, and San Francisco, with a $1,020,00 median price, was up 25.9 percent from a year earlier.
Sales were down or just slightly up in most counties, with Santa Clara seeing the biggest dive ---a 14.8 percent drop from July 2013.
For the nine-county Bay Area, sales were off by 6.7 percent.
Investors appeared to be retreating from the region's housing market, as absentee buyers -- mostly investors -- made up 18.8 percent of all Bay Area home sales, the lowest since September 20012.
There were also fewer buyers paying cash, which were at the lowest level since November 2008.