House prices down $265,000 from peak, down $60,000 from year ago. America’s most majestic housing bubble begins to deflate.
In San Francisco, the median price of single-family house sales that closed in November fell to $1.435 million. This is down a blistering $265,000 or 15.5% from the crazy peak in February of $1.7 million – a time when only the sky was the limit. And down by $60,000 from November 2017. This puts the median house price below where it had first been in May 2017. Note the steep slope from the peak in February:
Median price means half of the homes sold for more, half sold for less. So on the bottom end, people can try to push their luck with an occasional small shack in the $800,000 range. All data via Patrick Carlisle, Chief Market Analyst at Compass.
About 53% of total sales in San Francisco were condos; for years, all new housing construction has been condos and apartments, with practically no single-family houses being built, resulting in ever greater population density – and an increasing share of condos in the sales mix.