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.

  • Median sale price in the San Francisco metro area was $700,000 through July. The highest month was in June, when median sale price was $710,000.
  • There were a total of 7,901 homes sold in July 2016 in the Bay Area.
  • Over 70 percent of all sales were for properties priced over $500,000.

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.

[Tweet “CoreLogic: 70.5 percent of SF area homes sold for over $500,000 in July”]

“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 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

Corelogic July 2016 month-over-month sales figures.

Email Britt Chester

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×