SF Bay Area July home price drops 6.2% from June

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SF Bay Area July home price drops 6.2% from June

David Song
Real Estate Broker · Redwood City, CA · Member since 2014 · 679 posts · 888 votes
Most of the counties in the Bay Area saw m-t-m decline in home prices in July. Y-t-y prices still up. Looks like a potential correction coming this winter.
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  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    8y

    Did prices decline, or did the median/average of sold properties decline? Those are 2 very distinct things.

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  • David Song
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    Real Estate Broker · Redwood City, CA · Member since 2014 · 679 posts · 888 votes
    8y

    It seems to be declining,  measured by median, day on market, etc.

    The last batch of people who can afford to buy before interest rate hike has already done. Whoever is leftover can not afford such high prices plus the increasing interest rate.

    2018 spring might be a peak, and fall is a turning point.

    Less bidding war.

    I felt that this winter might see more declines. A 20% decline is good for this market, and improve affordability slightly.

    Next spring, who knows.

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