According to DataQuick, the median price for a Bay Area single-family home hit $651,000 last month (versus $643,000 in July, and up ~19% from last August). At the same time, however, the number of sales fell 4.1% from 2004 and “…insiders say the number of homes for sale has surged in recent months, as sellers try to capitalize on still-rising prices.”
Look for C.A.R.’s August sales numbers before jumping to conclusions about the strength of the market. Believe it or not, we actually don’t think this is a “bullish” report.
· Home sale prices still scorching, but volume tails off [Chronicle]