October sold prices reversed a three month downward trend and are now at an appreciation level of 3.5%, approximately equal to the average annual national appreciation for the past fifty years.
For the third straight month, San Francisco’s median sold price for condo/loft/TIC’s hit another new high: 1,310,000. This represents an 8.3% rise over 2018. Sold prices per square foot eased slightly to $1,158 from $1,161.
Strong job growth numbers this month coupled with the Federal Reserve dropping its interest rate for the third time this year are both good news for buyers. Mortgage rates are at a 12 month low so expect buyers to take advantage of that even while we enter the annual slower holiday sales season.
The number of sold transactions for the year is down 3.1% for single family homes and 8.0% for condo/loft/TICs.