According to a report by CoreLogic, home prices in the San Francisco Bay area rose at their slowest year-over-year pace in almost two years last month. The median price paid for a home or condo in the nine counties was $815,000 in November, down 3.8% from October and up 3.8% from November 2017. The all time record median price was set in June at $875,000, a number that dropped 6.9% in November.
Year over year, the median price had been rising in the double digits for 13 consecutive months until September, when it rose 9.3 percent. October’s gain was also 9.3 percent, so November’s 3.8 percent increase marks a significant slowdown in appreciation. The Bay Area median price hasn’t fallen year over year since March 2012, when it dipped 0.6 percent to $358,000. Since then, it has risen for 80 straight months, said CoreLogic analyst Andrew LePage.
Sales of new and existing single-family homes and condos, meanwhile, totaled 6,147 in November, down 14 percent from October and down 15.2 percent from November of last year. Sales typically slow between October and November, but the average decline since 1988 is only 8.8 percent.
“November’s slowdown affected all major price categories, including a nearly 10 percent annual drop in $1 million-plus sales, which have fallen year over year in two of the last three months. Higher mortgage rates worsened affordability constraints this year, and in recent months, stock market volatility could have contributed to a high-end pullback,” LePage said in a press release.
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