Bay Area Homes Flood The Market But Buyers Aren't Biting: Report

SAN FRANCISCO, CA — Homebuying has hit a wall in the Bay Area, according to a recent report.

Last month, a staggering 1,300 new homes hit the market in the San Francisco metropolitan area, the San Francisco Chronicle reported, citing data from Redfin. Of those homes, only 780 had an offer that was accepted.

The newspaper reported that it was the largest March gap for San Francisco and San Mateo counties since 2012.

And the Bay Area isn't the only region seeing this. Nationwide, potential homebuyers took a step back from the market in March, a month that usually is the springboard for a seasonal buying surge.

In response, some sellers are lowering prices, with economists warning of a looming recession.

“Buyers are out there,” Allison Fortini Crawford, a San Francisco and Marin County Realtor with Sotheby’s International Realty, told the Chronicle. “But they are very picky. They are nervous and hesitant because we do have the stock market on a yo-yo.”

Read more from the San Francisco Chronicle: The Bay Area’s real estate market is flashing a key warning signal