The number of single-family homes and condos that traded hands across the Bay Area ticked up 6 percent from July (7,901) to August (8,374) and was 3.2 percent higher versus the same time last year (8,113), ending a five month run of year-over-year declines.
And in San Francisco, the number of homes that traded hands last month (565) was 23.9 percent higher versus the same time last year (456), according to transaction data from CoreLogic.
That being said, while the jump in recorded sales in San Francisco was driven in part by closings of contracts for new construction condominiums in the city, the median price paid for a home in the city dropped 2.2 percent from July and was down 2.2 percent versus the same time last year, the largest year-over-year decline since the end of 2011 and 15.4 percent below April’s median sale price of $1.3 million. And in fact, San Francisco was the only Bay Area County to record a year-over-year decline in the median price paid last month.
At the same time, home sales in Alameda County ticked up 2.1 percent from July to August (1,758), which was 7.7 percent higher versus the same time last year (1,633) with a median price of $680,000, down 1.0 percent from July but 6.4 percent higher, year-over-year.
Recorded sales in Contra Costa County (1,764) were 5.0 percent higher on a year-over-year basis with a median price of $509,000 (up 1.3 percent, year-over-year). Sales in Santa Clara County (1,737) were down 7.7 percent, year-over-year, with a median price of $830,000 (up 2.3 percent). And sales in San Mateo County (711) were up 10.7 percent with a median price of $1,062,500, which is 9.0 percent higher than at the same time last year.
The median price paid for a Bay Area home overall was $675,000 in August, down 3.6 percent from July but 5.2 percent higher versus the same time last year.
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.
Is Marin county data available?
If prices are down and transaction volume is up; then we’re in a healthy market.
Inventory has been running abovr average this year. My guess for lower avg transaction price is due to: (1) shift in sales mix — homes above $2m are sitting longer on the market (2) fewer competition among buyers due to increased supply.
Yep, lots of lower ranged people trying to get into the market and scoring a bit of a deal comparatively.
That depends on the type of property, single family still is super hot!
That depends on the price range. Per MLS data, SFR over $1M peaked in Q2 2015 at $1.8m and is now at $1.575m. SFR under $1M have dropped slightly this summer but remain in an overall uptrend.
It’s more mix than anything else. i.e. a $1.8 mil home purchased last summer isn’t now selling for $1.575…