The number of single-family homes and condos that traded hands across the greater Bay Area totaled 7,547 in July, slipping 0.3 percent on a year-over-year basis to a 7-year seasonal low, according to recorded sales data from CoreLogic.
In San Francisco, recorded sales totaled 482 in July, down an above-average 18.9 percent from June and 2.0 percent lower on a year-over-year basis for the lowest July sales volume since totaling 444 in July of 2011.
At the same time, inventory levels have actually been ticking up in San Francisco.
Across the bay, homes sales totaled 1,634 in Alameda County, up 2.4 percent on a year-over-year basis, sales in Contra Costa County totaled 1,579 (up 3.3 percent), and sales in Solano County totaled 621, up 6.9 percent versus the same time last year.
Home sales in Santa Clara County (1,633) were down 7.1 percent on a year-over-year basis in July while sales in San Mateo (589) were 0.9 percent higher.
And up north, home sales in Napa (129) were 1.6 percent higher versus the same time last year and sales in Sonoma (589) were 6.9 percent higher while sales in Marin (291), a higher priced county, were down 14.4 percent.
The median price paid for those aforementioned 482 homes in San Francisco was $1,300,000 in July, down 5.8 percent from a record $1,380,000 in May but 8.3 percent above its mark at the same time last year.
The median sale price in Alameda County slipped 1.6 percent to $855,000 in July but remains 12.1 percent higher on a year-over-year basis; the median sale price in Contra Costa County slipped 0.5 percent to $632,750 but is now running 11.5 percent higher, year-over-year; and the median sale price in Solano County slipped 0.7 percent to $432,000, which is still 6.7 percent higher versus the same time last year.
The median sale price in Santa Clara County dropped 3.3 percent in July to $1,112,000 but remains 17.1 percent above its mark at the same time last year, while the median sale price in San Mateo County ticked up 2.3 percent to a record $1,360,000, which is 13.3 percent higher, year-over-year. San Mateo was the only Bay Area county to record a month-over-month increase in its median sale price.
And up in Marin, the median sale price dropped 5.3 percent to $1,100,000 but remains 14.9 percent above its mark in July of 2017. The median in Napa was unchanged at $669,500, which is 9.3 percent above its mark at the same time last year, and the median price in Sonoma slipped 3.4 percent to $599,000, which is 4.2 percent above its mark at the same time last year.
As such, the median home sale price across the greater Bay Area slipped 2.9 percent from June to $850,000 but remains 11.4 percent above its mark at the same time last year (versus 12.9 percent higher on a year-over-year basis in June).
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.