San Fran House Prices Gain 28.6% Since January

The median sale price of a single-family home in San Francisco rose 3.3% from May to June, marking the third consecutive month of median price gains and bringing the six-month appreciation from January to June to 28.6%. Despite the gain in prices, the area remains depressed in terms of overall sales, according to a report conducted by the San Francisco Association of Realtors and the Rosen Consulting Group. The report found that stringent lending requirements and increasing unemployment have dampened sales activity. But the report notes that as sellers adjusted asking prices, the number of active single-family homes on the market fell from a high of 847 in October to 710 in June as buyers slowly worked through the inventory. Pending sales in the area have more than doubled to 255 single-family homes under contract in June, from 104 in December 2008. “We expect home prices to continue to improve through the remainder of the year as affordability levels rise and distressed properties are eliminated from the market,” said Ilse Cordoni, president of the San Francisco Association of Realtors. Write to Diana Golobay.

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