According to the California Association of Realtors, the median sales price for existing homes in the San Francisco Bay Area dropped 1.3% from June to July. Perhaps more importantly, sales volume was down 12.1% from June to July of this year, and down 16.3% compared to July 2004 (i.e. accounting for seasonality).
And although we don’t have figures for San Francisco, the C.A.R. “Unsold Inventory Index for existing, single-family detached homes in July 2005 was 3.2 months, compared with 2.4 months (revised) for the same period a year ago.” A 33% increase.
· July 2005 Regional Sales and Price Activity [C.A.R.]