Dataquick reports that bay area regional home sales had a slight uptick. No doubt due to bargain hunters picking up seemingly deep discounts of 30% or more.
The nine-county region saw a total of 7,232 new and resale houses and condos sold last month, down 4.7 percent from 7,586 in July but just 0.9 percent lower than the 7,299 sales a year ago. An "average" August sees just over 10,000. sales.
The bay area median price of a home has dropped almost 32% since last year. The hardest hit being Contra Costa (down42%), Solano (down almost 36%) and Sonoma (down 31%).
San Francisco Home Prices
Dataquick reports that home prices are down almost 12%, from a median of $822,000 to $725,000. Given whats happening to the outer regions, we are not doing that bad. More than anything the credit crunch and the difficulty in getting jumbo loans to finance higher priced homes seems to be the culprit.
The biggest reason for the relative health of San Francisco home markets is got to be the reverse commute that is bringing well paid jobs onto San Francisco.
Google, Apple, Ebay and Genetech all offer free round trip commuter buses to bring people than normally would likely live in the South Bay to san Francisco. They are populating the city with good jobs, seemingly untouched by the
financial services crises. i cant see Google really hurt by all of this.
San Francisco cant escape completely because we are the financial center of the west. We will certainly see job loss but the tech sector can hold us up. In fact, our credit rating as a city just went up! So, keep your fingers crossed...we just might escape with little harm.
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