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  • San Francisco House Prices Plunged Faster (-29%) in 16 Months of Housing Bust 2 Than in the First 16 Months of Housing Bust 1

San Francisco House Prices Plunged Faster (-29%) in 16 Months of Housing Bust 2 Than in the First 16 Months of Housing Bust 1

August 18, 2023

by Wolf Richter Wolf Street

But the Bay Area cannot keep up with the spectacular collapse of prices during Housing Bust 1. That had been a doozie.

In San Francisco, the median price of single-family houses dropped by 8.5% in July from June, and by 14.1% from a year ago, to $1,460,000 million, according to the California Association of Realtors today.

In the 16 months since the peak in March 2022, the median price has plunged by 29%, or by $600,000 (red line).

The three-month moving average (3mma), which irons out some of the monthly ups-and-downs of median prices, fell by 2.6% in July from June and was down by 23.1%, or by $474,500, from its peak in May 2022 (green line).