While the number of single-family homes and condos that traded hands across the greater Bay Area inched up 0.5 percent from June to just over 7,400 in July, sales were down 2.2 percent on a year-over-year basis and totaled an eight-year seasonal low, according to recorded sales data from CoreLogic.
At the same time, the median sale price for the Bay Area homes that traded hands last month dropped a mix driven 4.7 percent to $815,500, which is down 4.1 percent versus the same time last year, representing the largest year-over-year drop since the fourth quarter of 2011 and the fifth consecutive month with either a year-over-year decline or no gain.
In San Francisco, while recorded sales were up 0.8 percent from June to July, total sales (486) were down 1.2 percent on a year-over-year basis, representing an 8-year seasonal low as well, which shouldn’t catch any plugged-in readers by surprise.
On the eastern side of the Bay, a total of 1,512 homes traded hands in Alameda County last month, which was down 8.0 percent on a year-over-year basis. Sales in Contra Costa County totaled 1,542, down 2.9 percent. And sales in Solano County totaled 636 in July, up 3.4 percent versus the same time last year.
Down south, home sales in Santa Clara County totaled 1,499 in July, down 7.6 percent on a year-over-year basis while sales in San Mateo County totaled 602, which was up 1.7 percent.
And up north, home sales in Napa totaled 149 in July, up 15.5 percent versus the same time last year. Sales in Sonoma came in at 636, up 7.4 percent. And sales in Marin totaled 335, up 15.5 percent as well.
With the share of more expensive home sales in the city having increased, the median price paid for those 486 homes in San Francisco was $1,350,000, down 3.4 percent from June but 3.8 percent above the median sale price at the same time last year.
The median sale price in Alameda County was an estimated $838,000 in July, down 2.0 percent versus the same time last year and the median sale price in Contra Costa County was $617,400, which was down 2.8 percent, while the median sale price in Solano County was $450,000, up 4.3 percent on a year-over-year basis.
The median sale price in Santa Clara County was $1,100,000 last month, which was unchanged versus the same time last year, while the median sale price in San Mateo County was $1,330,000 in July, down 2.8 percent, year-over-year.
The median sale price in Marin was $1,060,000 last month, down 3.6 percent versus the same time last year while the median sale price in Napa ($638,500) was down 4.6 percent and the median sale price in Sonoma ($585,000) was down 2.2 percent.
And as such, the median home sale price across the greater Bay Area was $815,500 in July, down from $850,000 at the same time last year and a peak of $875,000 in June of last year.
That being said, and as always, 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, especially as sales volumes drop, as opposed to movements in the Case-Shiller Index.