SF Bay Area July home price drops 6.2% from June

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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.

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

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.