Total July home sales in the Bay Area came in below July 2015 numbers, according to CoreLogic, but the region still saw some raised figures. Median sale price increased year-over-year, but monthly numbers show the summer blaze beginning to extinguish back to normality, according to CoreLogic.
The data firm’s July sales report covering Alameda, Contra Costa, Marin, Sonoma, San Francisco, San Mateo, Solano, Santa Clara and Napa counties showed total sales for July in the nine-county data pool reached 7,901, compared to 9,130 in July 2015.
Median home prices in the area increased year-over-year to $700,000, but that number is lower than June’s record mark of $710,000.
“San Francisco Bay Area home sales fell below a year earlier for the fourth consecutive month in July, when sales were the lowest for that month in five years,” Andrew LePage, research analyst with CoreLogic, said in a statement. “Since early this year, the general trend across the region’s nine counties has been for sales to either fall year-over-year or for lower gains.”
Distressed sales hit rock bottom
Distressed sales reached their lowest point since May 2007, accounting for only 3.2 percent of overall sales — down 4.7 percent year-over-year and four basis points from the previous month. Distressed sales in the Bay Area peaked in 2009, CoreLogic says, when they accounted for 60 percent of all sales.
Corelogic July 2016 year-over-year sales figures.
There were also less cash buyers than the prior year, according to the report. Cash buyers scooped up only 18.6 percent of homes in July, down from 20.1 percent in July 2015. Cash sales peaked in February 2013, at 32.9 percent share of total sales.
Homes sold over $500,000 accounted for 70.5 percent of all sales in July, the report says. This is 3.8 percent higher than the year before, but only 0.7 percent from the previous month.
Mortgages and loans
Corelogic reports that jumbo loans made up 34.8 percent of the loans in July. During the same month last year, jumbo loans only accounted for 30.9 percent. The jumbo loan limit in the Bay Area is $625,500, which is considerably higher than other parts of the country where median home prices aren’t toppling half-a-million dollars.
Corelogic July 2016 month-over-month sales figures.
