According to DataQuick, recorded home sales volume in San Francisco fell just 1.8% on a year-over-year basis last month (561 recorded sales in June ’09 versus 571 sales in June ‘08) and rose 12.7% compared to the month prior. The difference between recorded and listed sales activity speaks to a spike in unlisted closings, generally new construction or bank-owned sales that we’ll once again characterize as being driven by discounting.
San Francisco was only one of two Bay Area counties to record a year-over-year decline in sales volume in June with Napa recording a 4.4% decline. San Francisco’s median sales price in June was $635,000, down 12.6% compared to June ’08 ($726,750) and up a nominal 0.2% compared to the month prior.
For the greater Bay Area, recorded sales volume in June was up 20.4% on a year-over-year basis and up 16.1% from the month prior (8,644 recorded sales in June ’09 versus 7,178 in June ’08 and 7,447 in May ’09), while the recorded median sales price fell 27.4% on a year-over-year basis, up 3.1% compared to the month prior (the third uptick in 18 months).
Last month 37.3 percent of all homes resold in the Bay Area had been foreclosed on in the prior 12 months, down from 40.5 percent in May and the lowest since 36.0 percent in August 2008. The peak was 52.0 percent in February this year. By county, foreclosure resales ranged last month from 6.3 percent of all resales in Marin to 62.7 percent in Solano.
Use of government-insured FHA loans – a common choice among first-time buyers – represented 24.1 percent of all Bay Area purchase loans in June, down from a record 26 percent in April but up from 10.7 percent a year ago.
At the extreme, Solano recorded a 66.5% year-over-year increase in sales volume (a gain of 340 transactions) on a 38.3% drop in median sales price.
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 and median price rise [DQnews]
∙ San Francisco Recorded Sales Activity In May: Down 16.0% YOY [SocketSite]
∙ San Francisco Listed Sales Volume In June: Down 14% YOY [SocketSite]
∙ Infinity Sales Update: New Contracts Up But Driven By Discounts [SocketSite]