Recorded home sales volume in San Francisco fell 21.2% on a year-over-year basis last month (436 recorded sales in October ’10 versus 553 sales in October ‘09), down 1.4% as compared to the month prior which was down 17.5% on a year-over-year basis and versus a 12.3% drop in August.
For context, October sales figures for San Francisco from 2004 to 2008 were 720 (2004), 670 (2005), 573 (2006), 526 (2007), and 414 (2008). And on average, from 2004 to 2009 sales volume increased 0.3% from September to October.
San Francisco’s median sales price in October was $652,000, down 5.6% compared to October ’09 ($690,824) but up 5.2% compared to the month prior.
For the greater Bay Area, recorded sales volume in October was down 22.8% on a year-over-year basis, down 3.3% from the month prior (6,122 recorded sales in October ’10 versus 7,933 in October ’09 and 6,334 in September ’10) as the recorded median sales price fell 1.8% on a year-over-year basis, down 3.0% as compared to the month prior.
Last month foreclosure resales – homes that had been foreclosed on in the prior 12 months – rose for the third consecutive month to 29.5 percent of the Bay Area’s resale market. That was up from 27.5 percent in September but down from 31.3 percent in October 2009. Foreclosure resales peaked at 52.0 percent in February 2009. The monthly average for foreclosure resales over the past 15 years is about 8 percent.
Government-insured FHA loans, a popular choice among first-time buyers, accounted for 25.6 percent of all home purchase mortgages in October, up from 24.1 percent in September and 25.2 percent in October 2009.
At the extremes, Sonoma recorded a 29.8% drop in sales volume (a loss of 164 transactions) on a 6.6% decrease in median sales price in October while Napa recorded a 24.8% decrease in sales volume (a loss of 30 transactions) on a 14.7% decrease in median.
As always, keep in mind that DataQuick reports recorded sales which not only includes activity in new developments, but contracts that were signed (“sold”) many months or even years prior and are just now closing escrow (or being recorded).
∙ Bay Area Home Sales Fall Sharply; Median Price Dips Below Last Year [DQNews]
∙ San Francisco Recorded Sales Activity Down 17.5% In September [SocketSite]
∙ San Francisco Recorded Sales Activity Down 12.3% In August [SocketSite]
He’s It’s Back: California’s $10,000 Homebuyer Tax Credit Returns [SocketSite]
∙ FHA: Not Out Of The Woods But Feeling A Little Less Lost [SocketSite]