by Wolf Richter, Wolf Street:
Now even the surface of the market has softened, not just the underlying dynamics.
Last summer, I stuck my neck out and said that the housing market in Sonoma County in the San Francisco Bay Area had experienced a turning point in July, based on data and boots-on-the-ground observations by Thomas Stone, a broker in Sonoma County, which showed how the housing market was deteriorating beneath the surface while prices had just hit a record.
So here is an update on my neck sticking out this far, based on data through April 2019. The red in the charts below indicates data since July 2018.