Bay Area median homes prices fell on a year-over-year basis for the third month in a row in July, according to research firm CoreLogic.
The latest price was $815,500, down from $856,000 in June, a drop of 4.7 percent. Prices are down 4.1 percent from $850,000 in July of last year. “The 4% year-over-year decline in the Bay Area’s media sale price this July reflects both a modest dip in home prices in some parts of the region as well as a change in market mix,” CoreLogic analyst Andrew LePage said in a statement.
He said sales have shifted away from mid- to high-end homes as well as new homes, which tend to cost more.
LePage said that last month six of the nine counties in the Bay Area saw year-over-year declines in the median home price. That’s the first time since February 2012 that so many counties saw annual declines. Home prices dropped steeply following the start of The Great Recession, which began in December 2007 and lasted in June 2009.
Talk of another recession has been occurring among investors recently because a U.S. bond market indicator signaled a recession is possible.