Friday, April 26, 2019

I guess there is trouble in paradise.

SF home sales drop, suggesting slowdown in market.

"A drop in property sales in San Francisco suggests a housing slowdown despite a booming economy, according to city Assessor-Recorder Carmen Chu.

The number of residential and commercial properties sold in San Francisco fell by 10.5% in the nine months from July through March compared with the same time frame last year. There were 5,948 transactions in that time, a drop of 722 deals during that period, Chu said. The reason for the slowdown is unclear, she said."

I guess everyone is waiting for all those money losing IPO's. Said in the most sarcastic way.

Oddly, last month Curbed had this headline. So I'm not sure if we are still in 2008 or some other weird hybrid year. I mean at only -10.5% things are "technically" getting better.

SF home sales continue to drop - February figure is lowest since 2008.

"Orange County-based data firm Core Logic reports in its latest suite of housing numbers that, for the ninth month in a row, the number of homes sold in the Bay Area has fallen year over year, with February’s 4,993 homes sold marking the lowest figure since 2008.

According to Core Logic economist Andrew LePage, this is the third month in a row that represents an 11-year low.

However, LePage also notes in the report that “the year-over-year decline in sales has ratcheted down the past two months,” from a gasp-inducing 21.6 percent in December to a less drastic 13 percent in February.

1 comment:

  1. I wouldn't. But that homeless thing has been going on for decades now. It doesn't seem to deter anyone. And it doesn't seem to be just San Fransisco.