Having actually dropped a downwardly revised 3.0 percent in August, the seasonally adjusted pace of new single-family home sales in the U.S. dropped another 5.5 percent in September to an annual pace of 553,000 sales which is 15.1 percent below the long-term average for this time of the year and 13.2 percent lower versus the same time last year.
At the same time, the number of new single-family homes for sale across the county ticked up another 2.8 percent to 327,000, which is 16.8 percent higher versus the same time last year, a new nine-year high, and represents 7.1 months of available inventory, which is the highest since 2011, while the median sale price ($320,000) is now 3.5 percent lower versus the same time last year.
And having dropped a downwardly revised 6.0 percent in August, the annual pace of new single-family home sales in the West dropped another 12.0 percent in September to 139,000 transactions and is now running 15.8 percent lower on a year-over-year basis.
Nationwide trends are not good. The Bay Area will do better than elsewhere, but that’s small consolation to everywhere else.
Speaking of which, Bay Area Home Sales have dropped to a 7-Year Low and Pending Home Sales in San Francisco are Down despite more inventory.