House Prices in San Francisco & Bay Area Experience Steep Declines from April Peak Craziness, Down Year-over-Year | Wolf Street

The median price of single-family houses in the San Francisco Bay Area peaked in April and has dropped every month since then. By July, the median price, at $1.33 million, was down by about $220,000 from the peak and by 2% year-over-year, undoing most of the huge gains in 2021 and early 2022.

In San Francisco itself, the median price of single-family houses also peaked in April at $2.06 million, according to the California Association of Realtors. And then it sagged, and then it plunged. In July, it hit $1.68 million. Median prices are volatile from month to month, and they re easily skewed by a change in the mix of what sold, and by other factors, so we need to be careful here. But this is nevertheless a huge plunge at the wrong time of the year.

Year-over-year, the median price in San Francisco dropped by 9% in July, the second month in a row of year-over-year declines, following the 4% year-over-year decline in June. The first time the median price hit this level was in February 2018. In this chart, the seasonal low points are generally Decembers and Januarys. The summer months tend to be in the upper part of the range but obviously not this July. The purple line connects the Julys.

via wolfstreet.com