July 2017 Homes Sales Lowest Since 2010
Median Home Prices Fall in Four of Nine Counties
Solano and Sonoma County Home Prices Post Solid Y-o-Y Gains
CALIFORNIA, AUGUST 24, 2017 –San Francisco Bay Area home sales softened in July 2017 as single-family home and condominium sales fell a higher than expected 19.5 percent from June 2017. July 2017 home sales were down 5.6 percent from 2016 marking the lowest July sales volume since 2010.
“San Francisco Bay Area home sales took a tumble in July, the lowest July sales since 2010 and the biggest June-to-July decline since 2006,” said Madeline Schnapp, Director of Economic Research for PropertyRadar. “While a sales decline in July is expected as we approach the end of the prime selling season, home affordability remains a persistent drag on the market with no end in sight.”
San Francisco Bay Area home sales tumble 19.5% in July, lowest since 2010.
At the county level, July 2017 sales were down from July 2016 in eight of the nine Bay Area counties. San Mateo, Solano, and Sonoma counties posted the largest annual declines of 16.2, 15.6, and 13.9 percent, respectively. Marin County was the only county that posted an annual sales gain of 6.1 percent.
San Francisco Bay Area Home Sales by County
Source: PropertyRadar, 2017
The July 2017 San Francisco Bay Area median home price (single-family residence) was $800,000, down 4.5 percent from $815,000 in June 2017. On a year ago basis, prices were up 5.6 percent from $759,000 in July 2016. At the county level, July 2017 median home prices ranged from a low of $410,000 in Solano County to a high of $1.25 million in San Mateo County.
At the county level, median home prices were lower for the month in five of the nine Bay Area counties with three counties posting double digit monthly declines; Alameda (-2.8 percent), Marin (-24.0 percent) and San Francisco (-17.9 percent), Santa Cruz (-13.3 percent) and Sonoma (-3.2 percent). Prices were unchanged in Contra Costa County.
“The large double digit decline in Marin County seems to be an artifact of an unusually large number of short sales in the under $500,000 price range,” said Schnapp. “When those are removed from the data base for the median home price rises significantly.”
“The median home price declines in the other counties suggest that we may be bumping up against a price ceiling,” said Schnapp. “The retreat from the median sales price peak of $1.4 million for a two bedroom, one bath San Mateo County home built in 1946 was likely a median price point peak for the season.”
Compared to a year ago, July 2017 median home prices were down in four of the nine Bay Area counties. The largest price declines were in Marin (-13.7 percent), San Francisco (-9.8 percent), San Mateo (-3.8 percent) and Santa Cruz (-0.9 percent). The biggest annual price increases were in the lower priced counties, Sonoma (9.1 percent), Solano (7.9 percent), Alameda (6.2 percent), Contra Costa (6.1 percent).
San Francisco Bay Area Median Home Prices by County (Single Family Residence)
Source: PropertyRadar, 2017