In the nine-county Bay Area – over 7 million people – only 266 new homes, townhomes, and condos were sold in January of this year. This is the lowest total in at least 20 years according to CoreLogic.
And the trend continues: new home sales were down in July by 9 percent over 2018.
While prices are high, demand remains strong but the outlook for new housing is not good. Permits for new construction are down nearly 50 percent in San Mateo County, 30 percent in Alameda County, nearly 10 percent in Santa Clara County and 7 percent in Contra Costa County.