While the inventory of homes listed for sale in San Francisco is running 17.9 percent higher versus the same time last year, recorded sales for single-family homes and condos in the city dropped 5.0 percent in September and are down 13.9 percent versus the same time last year, according to data collected by CoreLogic.
The median sale price of the San Francisco homes that sold in September dropped to $1.097 million, down 2.5 percent from $1.125 million in August and 4.6 percent below the record $1.15 million mark set in May. That being said, the median sale price remains 16.7 percent higher versus the same time last year.
And while home sales in Alameda County, which includes Oakland, slipped 2.0 percent from August to September, they are running 4.3 percent higher versus the same time last year with a median price of $635,000, up 14.0 percent on a year-over-year basis.
Home sales across the entire Bay Area slipped 3.4 percent from August to September but were 6.9 percent higher versus the same time last year, with a median sale price of $650,000, up 8.3 percent year-over-year.
Keep in mind that while movements in the median sale price are a great measure of what’s in demand and selling, they’re not necessarily a great measure of appreciation or changes in value and are susceptible to changes in mix.