Bay Area home sales dropped 7.3 percent in April versus the same time last year, with all nine counties recording a decline, ranging from 2.6 percent in Contra Costa to a 15.2 percent drop in San Mateo.
And while the recorded sales volume of single-family homes and condos in San Francisco ticked up 4.6 percent in April versus the month before, which is right in line with typical seasonality, sales dropped 9.2 percent year over year.
At the same time, the median sale price for the San Francisco homes that changed hands in April, which includes new construction sales which closed escrow, was a record $1,300,000, up 18.2 percent versus the month before and 14.4 percent higher versus the same time last year, driven largely by a change in mix which is being amplified by the slowdown in sales.
The median sale price across the entire Bay Area was $686,200 in April, up 6.6 percent from March and 4.1 percent year-over-year with a 4 point jump in jumbo loan activity.
And based on 1,456 sales, which was 5.3 percent lower versus the same time last year, the median sale price in Alameda County, which includes Oakland, was $685,000 in April, 8.7 percent higher versus the month before and 7.0 percent higher versus the same time last year.
Sales volume in Santa Clara was down 7.1 versus the same time last year and dropped 15.1 percent in Marin.
Keep in mind that while movements in the median sale price are a great measure of what’s selling, they’re not necessarily a great measure of appreciation or changes in value and are susceptible to changes in mix, as opposed to movements in the Case-Shiller Index.