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Pending Home Sales Fall In San Francisco Bay Area

San Francisco skyline

The number of pending sales in the San Francisco Bay Area fell in January by 9.7% compared to January 2016, according to the California Association of Realtors. San Mateo County was the only county to report a 5.3% increase in January compared to a year ago and made a huge comeback after pending home sales dropped 35.3% in December from the year prior.

Pending home sales in San Francisco County dropped 21.2%, Santa Clara County decreased 7.1%, and Santa Cruz County dropped 4.8% in January. Monterey County reported a 24.9% decline.

Tight housing supplies and a lack of affordability contributed to the fall in pending sales, and the Realtors Association expects these conditions to continue to impact home sales throughout this year.

Southern California fared much better and posted an 8.1% increase in January compared to January 2016 and 10.5% from December 2016.