With the share of more expensive home sales in the city having increased, the median price paid for those 486 homes in San Francisco was $1,350,000, down 3.4 percent from June but 3.8 percent above the median sale price at the same time last year.
The median sale price in Alameda County was an estimated $838,000 in July, down 2.0 percent versus the same time last year and the median sale price in Contra Costa County was $617,400, which was down 2.8 percent, while the median sale price in Solano County was $450,000, up 4.3 percent on a year-over-year basis.
The median sale price in Santa Clara County was $1,100,000 last month, which was unchanged versus the same time last year, while the median sale price in San Mateo County was $1,330,000 in July, down 2.8 percent, year-over-year.
Usual caveat about median prices being impacted by sales mix applies.
30,000 units needed per year just to keep up with future demand, let alone to make up for the millions in shortfall. Housing shortage till 2035 at least. 12,000/ year drop in the bucket.
Besides buyers want sfhs not apartments and condos. Renters forever. Will demand more rent controls… Equals even less new construction.
My observation in the fortress: I see a lot of house prices being reduced in West Sunnyvale & Cupertino. Los Altos is slow but steady - good one goes in about 2-3 weeks time frame with close to asking price. However, Palo Alto is still really strong (except for Eichler or those with small lots), still seeing houses go pending in one week and 4+ offers. And inventory is really low.
Owning is out of vogue, renting is in. Out-of-state guys got the memo that is cheaper to rent than to own here, they are keeping their previous Primary as rentals :), may be rent collected is in excess of rent here.
Alternative hypothesis, less overseas guys coming? Existing guys are worried that their H1Bs may not be approved/ extended? May be they prefer Austin
I like how you always tell the story to support your belief
Not the sentiment I get from people I know. People still want to own, but they don’t want to be the one who bought at the top since there are sign of weakness. As in Palo Alto case, price is high but still multiple bids.
