After several months of solid price and sales volume gains, real estate activity across the nine county Bay Area slowed a bit in May, though prices were still at their highest levels in nearly seven years.According to the California Association of Realtors just release May home sales and price report, the median price for a single family home in the Bay Area rose a barely noticeable .1 percent from April to May. The median price currently stands at $768,910, the largest since October 2007.

Bay area sales volume grew by 7% in May – nowhere near the amounts observed in the previous months when home sales jumped by 30 percent. Still sales growth in our region was decidedly more robust than across the state where it declined by about half a point. Home prices across the region were up 6.9 percent from the beginning of the year.

Napa and San Mateo were the only Bay Area counties to post double digit month over month price gains in May. San Mateo Count prices climbed above $1.1 million overtaking Marin as California’s most expensive county for home buyers.

California Association of Realtors data shows that monthly price gains across the rest of the Bay Area were more moderate. Santa Clara was the only local county where home prices decreased from April to May.

The months’ supply of inventory across the nine county region expanded slightly to 2.5 in May, but the Bay Area real estate market still strongly favors the seller. Buyer demand still far outpaces supply in five of our local counties, which boast the smallest inventory pools in the state. Santa Clara County had the fewest number of homes for sale in California followed by San Mateo and San Francisco counties.

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