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.