Home sales in the Bay Area hit a nine-year low during the month of August, according to new data released last month by financial services firm CoreLogic.
In August, 7,247 homes were sold in the Bay Area, the lowest for that month since August 2010 when just 6,698 homes were sold in the region.
"Although Bay Area home sales in August fell nearly 6% from a year earlier, the recent drop in mortgage rates likely helped temper that decline," Andrew LePage, an analyst with CoreLogic, said in a statement.
The data also showed that for the past 13 consecutive months, sales have fallen on a year-over-year basis.
"Some buyers no doubt remain parked on the sidelines, concerned about the possibility of buying near a price peak, and affordability remains a huge hurdle for many," LePage said.
The median price for homes sold in the Bay Area in August was $810,000, which is down 0.7% from July 2019 when the price was $816,000 and down 2.4% from $830,000 in August 2018, according to the data.
"(The) 2.4% annual decline in the median reflects both lower home prices in some areas as well as a shift toward a lower share of sales occurring in some of the region's more expensive areas," he said.