The San Francisco real estate market took its annual holiday in July, with combined SFR and condo sales down 13.9% from June--the third largest drop coming into July since the late ‘80s. Condo sales alone slowed 5.3% year-over-year. The slow down isn’t completely unexpected, of course, as most families go on holiday during that month. And, combined with the questionable state of national politics and sputtering economy, folks are naturally wary of pulling the trigger on an investment as important as a home purchase.
“We’re still looking at a dysfunctional market. Distribution curves are lopsided, bottom-feeding is still prevalent and the lending market is just plain weird. We’re off bottom by all metrics, but far from anything resembling normal," said John Walsh, DataQuick president, a company that tracks local and national Real Estate trends.
At the same time, though, Single Family Homes in contract were up a whopping 29% over last year and condos under contract were up over 18%. What’s more, the average days-on-market for both categories declined as well, with condos going in an average of 60 days and SFRs just 47. If you also take into account California’s unemployment rate recent dip to an even 9% and mortgage rates at fifty-year lows, late August is shaping up to see respectable sales figures--a trend that could well continue to the end of the year. [DQ News
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