By Wolf Richter
But condos have issues: “Foreign buyers have played a significant role; it is possible this demand has declined due to political issues here and in China.”
The median sale price of single-family houses in San Francisco had been thiflat-lining, despite all the monthly volatility, since the spike in May 2015. At the time, it peaked at $1.40 million. In May 2016, it fell 4% to $1.35. The peaks over the next 12 months stayed in that range. But in May 2017, all statistical heck broke loose.
The median house price suddenly spiked by $111,000 from April, by $152,000 or 11% from May 2016, and by $100,000 from the prior peaks in May 2015 and October 2016, to reach just over $1.5 million:
For condos a similar pattern occurred – but there were some complications (which we’ll get to in a moment).
The median condo price had been edging down ever so slightly, interspersed with plunges and spikes, from the May 2015 peak of $1.15 million. In May 2016, it dropped 6% year-over-year to $1.08 million. By April 2017, it was $1.12 million, still below the peak nearly two years earlier.