Recorded home sales volume in San Francisco fell 12.3% on a year-over-year basis last month (451 recorded sales in August ’10 versus 514 sales in August ‘09) according to DataQuick, flat as compared to the month prior.
For context, August sales figures for San Francisco from 2004 to 2008 were 814 (2004), 733 (2005), 669 (2006), 577 (2007), and 529 (2008). And on average, from 2004 to 2009 sales volume increased 0.4% from July to August.
San Francisco’s median sales price in August was $652,500, up 2.8% compared to August ’09 ($635,000) but down 3.5% compared to the month prior.
For the greater Bay Area, recorded sales volume in August was down 10.9% on a year-over-year basis, down 1.1% from the month prior (6,698 recorded sales in August ’10 versus 7,518 in August ’09 and 6,773 in July ’10) as the recorded median sales price rose 6.9% on a year-over-year basis, down 4.2% as compared to the month prior.
Last month was the slowest August in terms of sales volume in 18 years, and versus a 15 year low for July.
Last month foreclosure resales – homes that had been foreclosed on in the prior 12 months – inched up to 26.7 percent of the Bay Area’s resale market. That was up from 25.3 percent in July but down from 34.3 percent in August 2009. Foreclosure resales peaked at 52.0 percent in February 2009. The monthly average for foreclosure resales over the past 15 years is about 8 percent.
Government-insured FHA loans, a popular choice among first-time buyers, accounted for 24.2 percent of all home purchase loans in August, up from 23.3 percent in July but down slightly from 24.8 percent in August 2009.
At the extremes, Solano recorded a 19.9% drop in sales volume (a loss of 135 transactions) on a 1.0% increase in median sales price in August while Marin recorded a 12.8% decline in sales volume (a loss of 30 transactions) on a 9.0% decrease in median.
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 Drop to 1992 Level; Median Price Slips Again [DQNews]
∙ San Francisco Recorded Sales Activity In July Falls 16.8% YOY [SocketSite]
He’s It’s Back: California’s $10,000 Homebuyer Tax Credit Returns [SocketSite]