This is why we always recommend you pay close attention to the details of “bay area housing” reports. We see San Francisco exactly as it is…low inventory, prices up. How is that a bad thing? Remember too, the media and other reporters (bloggers) are not representing clients who are getting out-bid, or can’t find a home, on a daily basis. So essentially, they’re a bit behind “real-time”.
–Bay Area Home Sales lowest since 1996, prices still flat [Data Quick]
An increase in “Median Sales Price” does not mean that homes are appreciating, but a 12.6% decline in transactions does mean that fewer are selling.