San Francisco Bay Area home prices and sales fell in August from a month earlier, as the red-hot housing market in this tech-flush region showed some signs of slowing in late summer.
The median home price stood at $540,000 in August, down 3.9% from July, DataQuick said Friday. The fall from July to August is normal, the real estate firm said, because seasonal shifts in sales patterns in the Bay Area usually cause prices to drop in August.
The median is the point at which half the homes sold for more and half sold for less. So it is influenced not only by home values but also the mix of homes selling.
August’s median in the nine county area is still a shocking 31.7% higher than last year.
The Bay Area housing market has barreled forward at a rapid pace this year as potential buyers, eager to take advantage of historically low mortgage rates, battled with investors over the few available homes. The presence of many well-to-do-tech workers has also added fuel to the recovery.
Buyers purchased a total of 8,616 homes in August. That is 7.7% less than in July and down 0.6% from August 2012.