The Bay Area's inferno of a real-estate market has cooled slightly, according to data crunched by Terradatum.
The number of Bay Area homes sold year over year fell 2.7% in May, and prices overall also fell 1.7%, Terradatum reported.
"It's important to remember that the housing activity peaked last April, May and June, so we are in essence back to somewhat normal activity, just not as strong as last summer but that was a peak," said Compass economist Selma Hepp.
Hepp said the number of homes sold in May under $1 million is "encouraging as it follows a trend of about 15-16 months of double digit declines."
Sub-million dollar homes are selling are in parts of the East Bay and less expensive parts of Santa Clara county, including south of San Jose, near the airport and east of that region.
"Pick up in activity is being seen where inventory became available," said Hepp. Overall, 58% of homes sold for over the asking price.
Housing inventory in San Francisco continues to decline, with May San Francisco inventory down 19% compared to last year, according to data from Compass.
