SAN FRANCISCO (KRON) — There are a lot of for sale signs throughout the Bay Area, but the number of homes sold is slumping.

“We couldn’t sustain that frantic market, at some point it had to slow down,” Nancie Allen with the Bay East Association of Realtors said.

According to CoreLogic, a real estate research firm, Bay Area homes sales in June dropped double digits.

Sales went down 13% this same time last year.

In fact, last month saw the lowest number of homes sold during the month of June in 11 years.

Prices, however, did not budge all that much.

The median price in the Bay Area dipped just 2% from last year to 855,000 — which is still an eye-popping figure. 

Their analyst thinks this data indicates that many would-be buyers are either still priced out or are biding their time because they don’t want to buy now if prices are at their peak. 

Allen thinks what is present now is a calmer, healthy market for buyers.

“It’s a really great market right now for buyers,” she said. “Everybody has taken a breath, and said prices are stabilizing and now’s maybe a time to come in. It’s not frantic, we can take a look around we can find a place that we love and then put in an offer.”

The slowdown in sales comes on the heels of a new report by the U.S. Census Bureau that shows the rate of home ownership in much of the Bay Area was down to 52% this spring — the lowest rate since 2012.  

With the way the prices have been going up up up and now they’ve started to come down a little bit it seems like the homeowners who have equity in our house have decided this is a really good time to maybe cash in.

Cashing in and moving on to places where they can get more for their money.