SAN FRANCISCO (KPIX) – The red-hot Bay Area real estate market is cooling off. New data shows a continuing drop in home sales.
According to the research firm Core Logic, sales dropped 15 percent in November compared to the same time, a year earlier.
The drop continues a downward trend that’s been going on since June and it includes the high end of the market.
Last month, sales of homes for more than a million dollars dropped nearly 10 percent.
Key factors include higher mortgage rates and volatility in the stock market.