The U.S. government shutdown and the escalation of concerns about the debt limit/possible default has drastically affected San Francisco market activity as measured by the percentage of listings accepting offers – as in a drop of approximately 50% from normal levels. Of course, this might be a short-term transitory effect that will disappear if these issues are resolved soon, as we certainly hope they are.
The Wall Street Journal
reported last week that a Pew Research Study showed that the more affluent people were,
» Read more about: The Government Shutdown and the Real Estate Market »
San Francisco Median Home Sales Prices
It’s not unusual for median prices to fall in the first and third quarters (affected by winter and summer holidays) and rise in the second and fourth quarters (prime spring and autumn selling seasons). This is what happened in this past third quarter and it typically has more to do with seasonal factors than changes in market values. One has to look at the longer term trend, » Read more about: San Francisco Real Estate: 3rd Quarter Market Update »