While Bay Area home sales typically drop around 6 percent from June to July with normal seasonality in play, the sale volume dropped over 17 percent in 2017, from 9,114 sales in June to 7,534 in July which is down 2.6 percent versus the same time last year and the lowest recorded sales volume for a July since 2011 when 7,014 homes traded hands and versus an average of 9,181 since 1988.
In San Francisco proper, the number of single-family homes and condos that traded hands dropped 8.4 percent, from 569 in June to 521 in July, which is three times a typical seasonal decline of 2.7 percent and 6.5 percent lower versus the same time last year, according to recorded sales data from CoreLogic.
In Alameda County, recorded homes sales dropped 16.9 percent from 1,906 in June to 1,584 in July and were 5.2 percent lower versus the same time last year; sales in Contra Costa County dropped 20.9 percent to 1,508 in July which is 4.2 percent lower on a year-over-year basis; and sales in Solano County dropped 12.5 percent to 589 in July which is 7.7 percent lower, year-over-year.
Home sales in Santa Clara County dropped 15.9 percent from 2,073 in June to 1,744 in July but were 9.3 percent higher versus the same time last year while recorded sales in San Mateo County dropped 24.3 percent to 587 in July and were down 5.5 percent, year-over-year.
Up in Marin County, sales dropped 12.6 percent to 320 in July but were 5.3 percent higher on a year-over basis; sales in Napa dropped 23.8 percent to 128 which is 16.3 percent lower versus the same time last year; and home sale in Sonoma County dropped 18.3 percent to 553 which was 9.6 percent lower, year-over-year.
The median price paid for those aforementioned 521 homes in San Francisco last month dropped 3.1 percent from $1,246,000 in June to $1,207,000 in July, which is 7.1 percent below the record $1.3 million median price recorded in April of 2016 but 5.0 percent higher versus the same time last year.
The median sale price in Alameda County was $760,500 in July and 10.2 percent higher versus the same time last year, the median sale price in Contra Costa County was $565,000 and 6.6 percent higher on a year-over-year basis, and the median sale price in Solano was $405,000 and 8.0 percent higher, year-over-year.
The median sale price in Santa Clara County was $950,000 and 9.2 percent higher versus the same time last year and the median sale price in San Mateo County was $1,150,000 and 6.6 percent higher, year-over-year.
The median sale price in Marin ($930,000) was 2.1 percent lower versus the same time last year while the median in Napa ($600,000) was 3.6 percent higher and the median in Sonoma ($570,500) was 13.4 percent higher, year-over-year.
And across the greater Bay Area, the median home sale price slipped 1.6 percent from $770,500 June to $758,000 in July but remains 9.1 percent higher versus the same time last year.
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.