Bay Area Housing Decline
Looks like the Bay Area isn’t doing much better than the rest of the country when it comes to housing prices. This article on Yahoo! Finance indicates that housing prices have declined 27% in the last year. I can’t say that I’ve personally noticed a decline of this magnitude, but I have noticed that they are dropping.
One of the houses on our street listed for $699,950 back around January. It’s been on the market since then, and over the course of the months, it’s dropped to 689, then 679, and it finally listed for 659 before they put up a “Sale Pending” sign. I have no idea what the buyers offered, but I can’t imagine that it was above $659,950. That’s only about a 5-6% decrease, but it’s still about $40,000 in absolute terms.
If the market keeps declining, it may bode well for me as a potential buyer in a few years. We’ll see.