First and foremost, we need to reiterate that changes in a market’s median sale price isn’t the same thing as appreciation/depreciation or an underlying change in value, especially as sales volumes drop and the mix of what’s selling changes.

That being said, for those who hang their hats on the metric, according to the National Association of Realtors, the median price for single-family homes increased on a year-over-year basis in 91 percent (162) of the 178 metropolitan statistical areas tracked by NAR in the second quarter of 2019, which is up from an increase in 86 percent of the MSAs in the first quarter of the year.

But atop the small list of metro areas in which the median single-family home price actually declined was the San Jose-Sunnyvale-Santa Clara MSA (-5.3%), followed closely by San Francisco-Oakland-Hayward (-1.9%).  And the median sale price for existing condos within the San Francisco-Oakland-Hayward MSA was down in the second quarter as well (-3.0%).

Comments from Plugged-In Readers

  1. Posted by tipster

    Uber earnings. Crash.

    • Posted by Notcom

      Ah!! but you missed the next line in the PR: “…recorded $3.9bn in stock-based compensation expenses related to the IPO.” Taking out all the (regularly occurring) “unusual” charges and they’re almost making money! Almost.

      • Posted by wexman

        $5.2bn total quarterly loss minus $3.9bn is still a $1.3 billion dollar loss in a single quarter. Which by a mathematical coincidence makes for $5.2 billion/year burn rate. That’s not almost making money, that’s insane. How much cash on hand do they have? How long is their runway?

        • Posted by Notcom

          $12B+/- And it really doesn’t matter how much they have, as long as there are still people willing to give them more.

        • Posted by Brahma (incensed renter)

          I would be the last person in San Francisco to defend Uber, I think their whole business model is reprehensible on a few different levels, but their burn rate is not going to be that high going forward.

          They laid off between 400 and 500 employees in marketing in late July and today announced that they’re imposing a hiring freeze in engineering: “The ride-hailing giant has been canceling scheduled on-site interviews for tech roles this week, and job applicants have been told positions are being put on hold due to a hiring freeze in engineering teams in the U.S. and Canada, according to multiple people who received the communications.”

    • Posted by SFRealist

      Apple paid its shareholders $21B last QUARTER.

      A crash won’t come from Uber. It will happen if Apple has problems.

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