Despite startup millionaires, house & condo prices in San Francisco Bay Area and condo prices in New York fall from year ago. Seattle down again. Los Angeles barely up from year ago. Las Vegas loses steam, Phoenix, others running hot.
San Francisco Bay Area House Prices
Prices of single-family houses in the five-county San Francisco Bay Area – the counties of San Francisco, San Mateo (northern part of Silicon Valley), Alameda and Contra Costa (East Bay), and Marin (North Bay) – fell 0.6% in August from July, were down 0.1% from August 2018, and were about flat with June 2018, according to the S&P CoreLogic Case-Shiller Home Price Index released today. It was the fourth month in six that prices were down year-over-year, the first year-over-year declines since April 2012.
In other words, despite the endlessly hyped job that the flood of IPO startup millionaires washing over the Bay Area would do to the housing market, house prices have been flat for 14 months, and have now formed a cute double-peak: