Home value drop-off slows; SF immune no more
Home value drop-off slows; SF immune no more
The drop in the Bay Area home values was less steep in June this year compared to June last year according to a study conducted by Zillow.com, a real estate valuation site. Instead of building data based on monthly median sales prices, Zillow.com builds data from estimation for every home in the US from public records and recent sales of houses.
In areas such as San Francisco and Marin counties where the home prices tend to hold their values strong now they seem to be less immune to the housing recession. For the past half a year the values of the homes prices in these two counties declined more than 15 percent.
But double-digit declines in the first six months in San Francisco, Marin, and San Mateo still keep home prices in those counties above other counties in the region and nation. Median home price in June in Marin County was $687,661, in San Francisco- $657,180, and San Mateo- $629,800. The Bay Area median home price for last quarter was $466,757 and the national- $186,500.
In addition, San Francisco still experienced far fewer foreclosures in June only 9.45% compared to other Bay Area counties such as Solano- 67% and Contra Costa- 55%.
SF Gate-8/11/2009