Weekend Events and the Weekly Real Estate Update

Lots going on this weekend, beginning with the 45th Annual Nihonmachi Street Fair on Saturday and Sunday on Post Street between Laguna and Fillmore Streets in Japantown — from 11AM to 6PM both days. The 9th Annual Chinatown Music Festival happens on Saturday, from 12 – 4PM at Portsmouth Square. At the same time, the Playland on Balboa Music Festival takes place on Balboa Street between 35th-38th Avenues. There’s more. The San Francisco Neighborhood Theater Foundation will kick off its “2018 Film Night in the Park” series at dusk, on Saturday at Dolores Park. They will be showing Priscilla, Queen of the Desert (1994). Lastly, Jerry Day 2018 takes place Sunday, from 11AM-6PM, at the Jerry Garcia Amphitheatre in McLaren Park — 50 John F Shelley Drive.

On the “Homes for Sale in San Francisco” front, here’s our report for this week, 7/29/18 – 8/4/18

Bay Area Home Prices Remain Up Year-Over-Year

The median price of a Bay Area home was $875,000 in June, matching the all-time high set in May, while sales dropped precipitously to the lowest level for the month of June in four years, according SF Chronicle columnist Kathleen Pender, citing a recent CoreLogic report.

The median price of a new home, resale or condo in the nine-county region was up 12.9 percent from June of last year. Sales, meanwhile, were down 2.2 percent from May and 9.2 percent from June 2017.

The Bay Area continues to defy expectations that prices would drop — or at least moderate — this year as a result of rising mortgage rates and the federal tax law that limits the benefits of homeownership, especially in high-cost markets.

In fact, according to the column, the price of a single-family home in San Francisco in the first half of this year was $1.62 million, up an astonishing $220,000 from the same period last year.