San Jose Mercury News staffer Richard Scheinin reports that home sales cooled off slightly in October.
In what could be a bit of relief for buyers weary of competitive bidding, the sales dip marked a break from the brisk pace of recent months when new record highs were set in an already pricey market. Sales of single-family homes had risen on a year-over-year basis during each of the previous seven months, going back to March, reports Scheinin.
Median sale prices rose, though not by the double-digit margins that had become routine for some parts of the region during the frenzy of the past several years. In Santa Clara County, a typical home sold for $869,000, up 6% from $820,000 in October 2014 -- though down from $910,000 in September 2015.According to experts, the slow market is both seasonal and the result of tight inventory.
Read more on the Bay Area housing market.