More Bay Area homes for sale, but still out of reach for most

More Bay Area homes for sale, but still out of reach for most

Good news for Bay Area home buyers — houses are staying on the market longer, and more houses have ‘for sale’ signs hanging on their front lawn.

Bad news for Bay Area home buyers — the increased choices in the market are likely caused by high prices, fewer offers and your exhaustion.

The number of homes for sale in the first three months of the year in the San Jose metro area rose 55 percent from the same time last year, the highest jump in the nation, according to a recent study by Trulia. In Oakland and San Francisco, housing inventory grew 28 percent from the first three months of last year.

“Definitely a big jump in inventory,” said Trulia economist Felipe Chacon. “Demand is ebbing a little bit.”

In the midst of a housing shortage and rising prices, the Bay Area market has flattened out, but not nearly enough to call it a buyer’s paradise. Agents and brokers say they are expecting another solid year of sales, but aren’t betting on the influx of IPO wealth making an impact beyond a few, local neighborhoods.

Nationally, inventory has edged up for the first time, year-over-year, since 2016, Trulia found. “The coastal markets are cooling,” Chacon said.

The supply of starter homes — listed for around $760,000 — on the San Jose market grew by 78 percent, according to Trulia. In San Francisco and Oakland,  less-expensive starter homes priced at around $530,000 increased 38 percent.

The days on market has grown more than 40 percent in San Jose, from 40 to 57 days, according to Trulia. The national average is 82 days from listing to completed sale.

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Jon Motsenbocker DRE #01950257 Headshot
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Phone: 559-708-6460
Dated: May 24th 2019
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About Jon: My name is Jon Motsenbocker and I was born and raised in Fresno, California. I've been a licensed ag...

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Jon Motsenbocker DRE #01950257
2603 Camino Ramon Suite 200
San Ramon, CA
559-708-6460
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