Continuing to follow a trend which shouldn’t catch any plugged-in readers by surprise, the number of single-family homes and condos that traded hands across the greater Bay Area dropped 11.4 percent from May to June, versus typically ticking up, and total sales (7,357) were down 12.6 percent on a year-over-year basis, according to recorded sales data from CoreLogic.
In fact, last month’s sales were only 3 percent higher than in June of 2008 and marked an eleven-year seasonal low.
At the same time, the median sale price for the Bay Area homes that traded hands last month slipped 0.6 percent to $855,000, which is down 2.3 percent versus the same time last year and marks the fourth straight month with either a year-over-year decline or no gain, prior to which there were 83 consecutive months of recorded year-over-year gains.
In San Francisco, recorded sales plummeted 24.3 percent from May to 482 in June, which was down 21.1 percent on a year-over-year basis and the fewest June sales in over 15 years. And in fact, the pace of home sales in San Francisco has since further slowed.
On the eastern side of the Bay, homes sales were estimated at 1,580 in Alameda County last month, down 13.5 percent on a year-over-year basis. Sales in Contra Costa County totaled 1,486, down 13.6 percent. And sales in Solano County totaled 640 in June, down 2.0 percent versus the same time last year.
Down south, home sales in Santa Clara County totaled 1,502 in June, down 18.6 percent on a year-over-year basis and sales in San Mateo County were estimated at 593, down 13.0 percent versus the same time last year.
And up north, home sales in Napa totaled 137 last month, up 2.2 percent versus the same time last year. Sales in Sonoma came in at 607, down 2.0 percent. And sales in Marin totaled 330, down 6.8 percent, year-over-year.
With the share of more expensive home sales in the city having increased, the median price paid for those 482 homes in San Francisco was $1,398,000 in June, effectively matching the record $1,400,000 median price in April and 3.6 percent above its mark at the same time last year.
The median sale price in Alameda County was an estimated $865,000 in June, effectively unchanged versus the same time last year; the median sale price in Contra Costa County was $660,000, up 4.0 percent versus the same time last year; and the median sale price in Solano County was $435,000, which was effectively unchanged as well.
The median sale price in Santa Clara County was $1,132,000 last month, down 1.6 percent versus the same time last year while the median sale price in San Mateo County was $1,360,000, which was 2.6 percent higher, year-over-year.
The median sale price in Marin was $1,212,000 last month, up 4.5 percent versus the same time last year while the median sale price in Napa ($677,000) was 1.1 percent higher on a year-over-year basis and the median sale price in Sonoma ($600,000) was down 3.2 percent.
As such, the median home sale price across the greater Bay Area was $855,000 in June versus $875,000 at the same time last year.
And as always, 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, especially as sales volumes drop, as opposed to movements in the Case-Shiller Index.