Perhaps the best way to begin this little ditty is with Leslie Appleton Young’s (Chief Economist for the California Association of Realtors) quote from the very report from which we obtained this information:
Knowing the median price is interesting, but it is as indicative of the value of your home as knowing the median temperature in America is to predicting the local weather.
We can hear the threats coming, “Oh she has special interests behind her! It’s all a joke, they’re interest is in keeping the housing market alive!” And this is true, but with this very quote, she couldn’t be more on the money.
So by the numbers:
[No, your eyes are not going bad, zee computer is and we’re working with Microsoft Paint!]
Home sales were up, year-over-year, for the first time since last May. There were 224 homes sold in May, the highest number since the 224 sold in November 2006. Year-to-date, home sales are down 12%.
Loft/condo sales were also strong, rising 26.4% from April, down 17% year-over-year. Year-to-date, loft/condo sales are off 25.8%.
The median price for single-family, re-sale homes lost 5.9% from April, and, it was down 10% year-over-year. The average price rose 9.2%, but, it was off 0.9% compared to last May.
The median price for loft/condos in San Francisco gained 4.6% to $790,000 from April, and, was up 3.6% year-over-year. The average price for condos dropped 2.6% from the record high set in April. The average price was up 8% year-over-year.
You can find the full report there, and of course are welcome to discuss everything here.
–San Francisco Real Estate Report [SFRE Reports via CleanOffer]