According to DataQuick, sales volume (i.e., demand) for existing homes in San Francisco fell 17.3% on a year-over-year basis last month (469 sales in September ’07 versus a revised 567 sales in September ’06) and fell 18.7% compared to the month prior (577 recorded sales in August ‘07). At the same time, the median sales price in September was $773,500, up 1.9% compared to a revised September ’06 ($759,000) but down 5.9% compared to the month prior. (And yes, we’re still thinking mix.)
For the greater Bay Area, sales volume in September was down 40.1% on a year-over-year basis (and no, that’s not a typo) and fell 31.3% from the month prior (5,014 recorded sales in September ’07 versus a revised 8,374 in September ’06 and 7,299 this past August). The recorded median sales price also fell from the month prior (4.6%), but was up a nominal 0.8% on a revised year-over-year basis.
The number of Bay Area homes purchased with jumbo mortgages dropped from 3,762 in August to 1,935 in September, a decline of 48.6 percent. A jumbo mortgage is a home loan for $417,000 or more. For loans below that threshold, the sales decline was 14.0 percent, from 2,675 in August to 2,301 in September. Historically, sales drop by about 10 percent from August to September.
Outside of San Francisco county, the smallest drop in year-over-year sales volume was recorded in Marin (down 32.5%) and the largest in Contra Costa (down 48.7%).
∙ Bay Area home sales plummet amid mortgage woes [DQNews]