Fewer homes changed hands in the Bay Area last month than during any April since 1995. A total of 7,447 new and resale houses and condos sold last month, down 10.5 percent from March, and down 18.4 percent from a year earlier.
In Santa Clara County, sales of all types of homes combined fell 17 percent compared with April 2006.
With sales volume on the decline for the past two years, one would expect Bay Area prices across the board to be falling more than they have. In other parts of the state, especially the least expensive areas, prices have dropped. But, according to DataQuick's John Karevoll, "The Bay Area has much more resistance to price declines than the rest of the state does. People are much more willing to ride it out, and not buy and sell."
At our Thursday Sunnyvale/Cupertino/Santa Clara tour meeting, we had 65 new listings on tour, compared to the 40 to 45 in previous weeks. If inventory continues to rise, we could see a more balanced market by summer.
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