CFAH

Having rebounded to a 7-year seasonal low in September, the number of single-family homes and condos that traded hands across the greater Bay Area totaled 6,147 in November, down 14.1 percent on a month-over-month basis (versus a typical seasonal drop of around 10 percent) and 15.2 percent lower versus the same time last year, according to recorded sales data from CoreLogic.

In San Francisco, recorded sales totaled 498 last month, representing a drop of 11.5 percent from September and 6.0 percent lower versus the same time last year while inventory levels are running at a 7-year high and pending sales volume is dropping.

Across the bay, homes sales totaled 1,271 in Alameda County, down 18.1 percent on a year-over-year basis, sales in Contra Costa County totaled 1,194, down 15.1 percent, and sales in Solano County totaled 509, down 7.7 percent versus the same time last year.

Home sales in Santa Clara County totaled 1,364 in November, down 11.9 percent on a year-over-year basis, while sales in San Mateo totaled 491, down 20.8 percent versus the same time last year.

And up north, home sales in Napa totaled 114 last month, down 5.8 percent versus the same time last year, sales in Sonoma totaled 484, down 19.1 percent, and sales in Marin totaled 219, down 32.0 percent on a year-over-year basis.

The median price paid for those aforementioned 498 homes in San Francisco was $1,300,000 in November, down 3.7 percent from the month before, 5.8 percent below the record $1,380,000 set in May and unchanged (0.0 percent) versus the same time last year.

The median sale price in Alameda County dropped 1.2 percent to $815,000 last month but remains 3.8 percent higher on a year-over-year basis; the median sale price in Contra Costa County dropped 1.6 percent to $600,000 but remains 6.5 percent higher versus the same time last year; and the median sale price in Solano County increased 4.7 percent to $445,000, which is 9.9 percent higher on a year-over-year basis.

The median sale price in Santa Clara County dropped 5.0 percent last month to $1,050,000 but remains 6.6 percent above its mark at the same time last year, while the median sale price in San Mateo County shed 3.0 percent to $1,289,000 but remains 1.1 percent higher, year-over-year.

The median sale price up in Marin dropped 10.1 percent to $1,033,750 last month but remains 8.6 percent above its mark at the same time last year. The median in Napa inched up 0.1 percent to $605,500 but dropped 6.8 percent on a year-over-year basis and the median sale price in Sonoma dropped 1.5 percent to $581,000, which is 5.3 percent lower versus the same time last year.

And as such, the median home sale price across the greater Bay Area dropped 3.8 percent in November to $815,000, which is 3.8 percent above its mark at the same time last year but 6.9 percent below its peak of $875,000 which was set this past May as well.

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.