Two weeks ago we made a relatively bold forecast that year-over-year home appreciation in San Francisco would dip below 6%, and could potentially drop to as low as 4% (based on April closings). Well, it looks like we were off by 0.4%.
According to DataQuick, the median sales price in San Francisco was $778,000 last month, up 3.6% from $751,000 in April ’05. In addition, sales volume in San Francisco was down 27% as compared to the year prior (497 versus 681 sales), and perhaps even more telling, sales volume dropped over 11% as compared to March ’06 (561 sales).
For the greater Bay Area, the recorded median sales price in April was $628,000 (up 7.2% year-over-year) and sales volume was 8,358 (down 14.2% from March ’06 and down 25.1% from April ’05).
∙ DataQuick Reports Part 2: The SocketSite Insight [SocketSite]
∙ Bay Area home sales and appreciation slow; new price peak [DQNews]