News

Median Bay Area home price drops slightly in July

 

The median sale price for homes sold in the Bay Area in July was down 2.9 percent to $850,000 from the record high of $875,000 recorded in May and June, according to a report by CoreLogic Data, a supplier of U.S. real estate and business data.

Still, the median price for July is up 11.4 percent from July 2017, when the median price was $763,000, the report showed.

"It is not unusual for a regional median sale price to slip back from a new peak," CoreLogic analyst Andrew LePage said.

The region also saw a 10.2 percent drop in the number of home sales in July compared with June. In July, a total of 7,547 new and existing

houses and condos were sold in all nine Bay Area counties, down from 8,403 in June.

The number of sales in July was also below the month's historical average.

"Tight inventory continues to constrain sales, but the overall increase in housing costs, exacerbated by this year's rise in mortgage rates, means more would-be buyers are unable or unwilling to buy," LePage said.

— Bay City News Service

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Comments

3 people like this
Posted by Golden Hills
a resident of Portola Valley: Central Portola Valley
on Sep 3, 2018 at 7:17 pm

Hmm. Here in Portola Valley home prices seem to be just fine I’d say the median is around 5-6mil. However, there are signs that we are in a “bubble” so we should pay close attention on how the market fares especially through the last couple of quarters.


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Posted by Local news???
a resident of Menlo Park: other
on Sep 5, 2018 at 12:23 pm

The median sales price for all 9 counties of the Bay Area is one data point, but since the Almanac is supposed to serve MP, Woodside and Atherton, shouldn't you publish the stats for local towns?

San Mateo Median is 1,360,000, and obviously includes everything from tiny condos to big estates. The median price is up 13% YoY, and # sold is up 1% YoY.

We all know you can't buy a single family house for less than $1.5 in the county, and more like $2-3M+ in some towns.

That's the crisis. Sure people could buy a condo in Solono county, but then they certainly can't keep a job in San Mateo. To keep workers local for all kinds of jobs means paying a lot more.

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Posted by Golden Hills
a resident of Portola Valley: Central Portola Valley

on Sep 5, 2018 at 1:48 pm


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3 people like this
Posted by Facts
a resident of Portola Valley: Portola Valley Ranch
on Sep 5, 2018 at 5:08 pm

Here’s the stats for each individual town (median home value) according to Zillow :

Portola Valley: 4,403,600
Woodside: 3,636,200
Los Altos Hills: 4,308,272
Redwood City: 1,678,000
Los Altos: 3,599,700
Palo Alto: 3,316,700
Menlo Park: 2,453,500
Mountain View: 1,948,100


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