San Francisco Opera is once again hosting Opera in the Park, this year in celebration of the opening of its 96th season. The annual free concert has been held in Golden Gate Park since 1971, and it happens this Sunday. On Saturday and Sunday, starting at 2 PM both days, The San Francisco Shakespeare Festival will present its 2018 Free Shakespeare in the Park production of A Midsummer Night’s Dream. Lastly, the 2nd Annual Autumn Moon Festival will take place on Saturday, on Clement Street between 5th and 8th Avenues, from 11 AM to 3:30 PM.
On the “Homes for Sale in San Francisco” front, here’s our report for this week, 9/2/18 – 9/8/18
The Housing Market Cooled A Bit In July
We’re beginning to hear that the housing market is starting to cool down. The National Association of REALTORS® just issued a report suggesting that for the U.S. as a whole there was a slight decline in homes sales and a slower price growth in July in comparison to last year.
Lawrence Yun, NAR chief economist, said, “The reason sales are falling off last year’s pace is that multiple years of inadequate supply in markets with strong job growth have finally driven up home prices to a point where an increasing number of prospective buyers are unable to afford it.”
Meanwhile, the real estate website SocketSite.com just reported that the number of single-family homes and condos that traded hands across the greater Bay Area totaled 7,547 in July, slipping 0.3 percent on a year-over-year basis to a 7-year seasonal low.
What’s more, in San Francisco, recorded sales totaled 482 in July, down an above-average 18.9 percent from June and 2.0 percent lower on a year-over-year basis for the lowest July sales volume since totaling 444 in July of 2011. At the same time, inventory levels have actually been ticking up in San Francisco.
The median price paid for those 482 homes in San Francisco was $1,300,000 in July, down 5.8 percent from a record $1,380,000 in May but 8.3 percent above its mark at the same time last year.
All of this is based on July numbers. We will have to wait a bit to see if some of these cooling trends continued into August. What will be most telling though, is what takes place this September and October, when the real estate market tends to heat up again each year.