Current Economic Overview // Q2
Housing market activity in San Francisco in the second quarter proved especially robust when compared with the rest of the Bay Area, showing a solid year-over-year increase in home sales. Except for sales of homes priced below $1 million -- which were constrained by inventory shortages -- home sales activity picked up at all price ranges.
Looking Forward: Although third-quarter sales are expected to reflect mild seasonal lulls, continued economic strength will keep fueling demand for San Francisco real estate. The prospect of further mortgage-rate increases may attract some homebuyers who have been sitting on the fence.
San Francisco Single Family Homes
San Francisco Condominiums
Market Statistics of Note
In San Francisco, almost half of buyers of homes priced below $2 million were first-time buyers, while one in five buyers of higher-priced homes were first-time buyers. First-time buyers generally purchased less expensive homes regardless of price range, though they still had to spend more than $1 million for their first home.
California’s Median Home Price Hits Another Record High in June
For the second straight month, California’s median single-family home price reached a new peak in June, climbing to $602,760.
The median sales price in the nine-county Bay Area was $1,045,000, a year-over-year increase of 16.1 percent.
San Mateo County overtook San Francisco as California’s most expensive housing market, with a median sales price of $1,650,500.
A lack of homes for sale continued to drive Golden State prices in June, with the nine-county Bay Area posting double-digit percent annual appreciation for the 12th straight month.
The California Association of Realtors’ latest monthly home sales and price report says that the state’s median single-family home price was $602,760 in June, a year-over-year gain of 8.5 percent. June marked the second month in a row that state home prices reached a new peak. California home prices have risen on an annual basis for more than six years and currently show no signs of leveling off, according to CAR.
The Bay Area led the state for year-over-year price growth last month, with the median sales price of $1,045,000 up by 16.1 percent from June 2017. All nine counties recorded year-over-year price appreciation, ranging from 6.4 percent in Contra Costa County to 18.4 percent in Santa Clara County.
San Mateo County overtook San Francisco as California’s most expensive housing market, with the median price ending June at $1,650,500. San Francisco followed in the No. 2 spot, at $1,620,000, followed by Marin ($1,415,000), Santa Clara ($1,400,000) and Alameda ($1,015,000) counties.
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