Cost of housing in the bay area looks to be on the decline. Single-family home prices in San Francisco and San Mateo counties dropped 2.5% YoY in Q1 2017.
The 2.5% decline in 1Q is relatively minor compared to the ~65% rally over the past 5 years. This decline has driven median San Fran home prices to a very bubbly $1.1 million.
“Homebuyers in the Bay Area have just been stymied by affordability fatigue”
Homeowners who would qualify for conforming loans have seen the biggest drops in inventory and the biggest increases in prices over the past five or six years.
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