A new report from Compass states that not only were Bay Area home sales down in October they were the worst since 2007.

Although home prices declined, they still remain high, which, in combination with interest rates over 7 percent, saw many would=be buyers step away while sellers were delisting their homes.

Of course, this could be an opportunity for savvy buyers as the competition has lest3enend and sellers are much more willing to negotiate.

September saw the price of single-family homes in the Bay Area drop 2.6 percent for the third consecutive month of year-over-year declines. This means that homes in the region are now selling for less than they were a year ago – even if the median price is $1.26 million. This is the only area in California in which this is happening.

According to the California Association of Realtors prices in the Bay Area had spiked higher than other California regions so there was more room for them to come down. Likewise, more residents seem to be moving out of the Bay Area.

Of course, the main reason remains high interest rates, currently around 6.94 percent which more than offsets the decline in selling prices.