The latest Case-Shiller data is out, and it indicates – among other things – that many of San Francisco’s neighborhoods are well past previous peak values. Here we’re presenting more recent price appreciation data than is available in the Case-Shiller Indices alone, and that median sales prices and Case-Shiller numbers don’t exactly correlate.
So what does this imply? Well, that a plateau has been reached in San Francisco’s home values. This could either be an indication of a stabilizing market or just a seasonal plateau that sometimes happens during summer for reasons including the fact that the higher-end home market has a greater tendency to withdraw from the market during the holidays. It’s a wait-and-see game – we’ll see what the autumn selling season brings when it starts after Labor Day.
At the previous peak of the market, the combined house-condo median sales price in San Francisco was $832,000.
Keep in mind that Case-Shiller’s indices are for a five-county area, of which the city’s housing market is a very small part. Since they are published two months after the month of the Index, are three-month rolling averages and the time between offer acceptance and closed sale typically runs four to eight weeks, these numbers are generally three to six months behind the market itself.
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