Recorded home sales volume in San Francisco fell 17.5% on a year-over-year basis last month (442 recorded sales in September ’10 versus 536 sales in September ‘09) according to DataQuick, down 2% as compared to the month prior which was down 12.3% on a year-over-year basis.
For context, September sales figures for San Francisco from 2004 to 2008 were 763 (2004), 665 (2005), 567 (2006), 469 (2007), and 458 (2008). And on average, from 2004 to 2009 sales volume fell 9.8% from August to September.
San Francisco’s median sales price in September was $620,000, down 4.6% compared to September ’09 ($650,000) and down 5.0% compared to the month prior.
For the greater Bay Area, recorded sales volume in September was down 19.6% on a year-over-year basis, down 5.4% from the month prior (6,334 recorded sales in September ’10 versus 7,879 in September ’09 and 6,698 in August ’10) as the recorded median sales price rose 8.2% on a year-over-year basis, up 2.6% as compared to the month prior.
Last month foreclosure resales – homes that had been foreclosed on in the prior 12 months – rose to 27.9 percent of the Bay Area’s resale market. That was up from 26.1 percent in August but down from 32.3 percent in September 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 25.1 percent of all home purchase mortgages in September, up from 24.8 percent in August and 24.9 percent in September 2009.
At the extremes, Alameda recorded a 27.1% drop in sales volume (a loss of 455 transactions) on a 3.6% increase in median sales price in September while Napa recorded a 3.5% increase in sales volume (a gain of 4 transactions) on a 6.4% 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 September Home Sales Second-Lowest in 19 years [DQNews]
∙ San Francisco Recorded Sales Activity Down 12.3% In August [SocketSite]
He’s It’s Back: California’s $10,000 Homebuyer Tax Credit Returns [SocketSite]