The number of single-family homes and condos that traded hands across the Bay Area dropped an above average 10.5 percent from June to July and the recorded sales volume (7,900) was 13.5 percent lower than at the same time last year, the fifth straight month with increasing year-over-year declines, according to transaction data from CoreLogic.
At the same time, while the recorded sales volume in San Francisco slipped 4.1 percent from June to July, it ticked up 1.7 percent on a year-over-year basis to 543 sales. And San Francisco was the only Bay Area County to have recorded a year-over-year gain in sales, driven in part by closings of contracts for new construction condominiums in the city.
Sales in Alameda County dropped 5.3 percent from June to July (1,722) and were down 8.4 percent versus the same time last year, while sales in Contra Costa county were down 19.1 percent on a year-over-year basis. Sales in Santa Clara County were down 17.5 percent, year-over-year.
The median sale price for the San Francisco homes that changed hands in July was $1.125 million, up 4.7 percent versus the same time last year but down 5.1 percent from June and 13.5 percent below April’s median sale price of $1.3 million.
The median sale price in Alameda was $687,000 in July, down 1.9 percent from June but 4.9 percent higher versus the same time last year.
The median sale price for a Bay Area home overall was $700,000 in July, down 1.4 percent from June but 6.3 percent versus the same time last year (versus 7.9 percent higher on a year-over-year basis in June).
Keep in mind that while movements in the median sale price are a great measure of what’s selling, they’re not necessarily a great measure of appreciation or changes in value and are susceptible to changes in mix, as opposed to movements in the Case-Shiller Index.