The first cracks?

From Curbed:

SF home prices drop, still unaffordable for all

On Thursday, Orange County-based data firm Core Logic reported that the median home price in San Francisco is down year over year, dropping four percent in May.

Earlier this year, the firm recorded the first drop in the Bay Area’s median price year over year since 2012, diminishing an almost comically small yet still significant 0.1 percent for March. However, the price of a home in SF rose more than five percent within that period.

Now the firm’s most recent San Francisco Bay Area home sales report once again found prices down across the Bay Area, showing a decline of 1.7 percent across in all nine counties, including a four percent depreciation in SF.

Across 637 homes, the SF price (as calculated via MLS sales) declined from $1.38 million this time last year down to $1.32 million now. 

Other resources have also shown small but significant dips in SF’s median year over year, but this is the first time Core Logic’s data has agreed. Last time the firm recorded a year over year decline in SF was in April 2017—at the time, a much larger decline of 7.3 percent.

The problem with these monthly figures is the uncertainty as to which ones are blips and which ones might be part of or the beginning of real trends. 

For example, the 7.3 percent SF price drop in April 2017 was big but didn’t last, with median rices soaring for the rest of the that year. 

“San Francisco is a relatively small market compared with some of the larger counties, and the median sale price tends to be a bit more volatile,” a Core Logic spokesperson tells Curbed SF.

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31 Responses to The first cracks?

  1. Mike says:

    Good Morning New Jersey

  2. 1987 condo says:

    That is the false economy of outsourcing……we lost many clients due to poor overseas call center service. Also, employees “shopped” the csr’s until they found one they could understand in English….very inefficient indeed! We had call centers in El Paso and other US locations that were very inexpensive but we defaulted everyone to “global”.

  3. Blue Ribbon Teacher says:

    Typical cost cutting suits making decisions. I can just picture the senior engineers when this is occurring in the backroom saying “these planes are going to fall out of the sky”.

  4. The Great Pumpkin says:

    Real estate peaked. The Miami article I posted the other day made it clear as day to me.

  5. The Great Pumpkin says:

    The scary part, this is only the beginning. Wait till all the mistakes made by cheap labor in programming starts to come to light. It takes time to see the negative impact of their work on the economy, but it’s coming. A price will be paid one way or another. Boeing is the canary in the coal mine.

    grim says:
    June 29, 2019 at 8:00 am
    You get what you pay for.

  6. The Great Pumpkin says:

    It’s like using a cheap contractor to build your house. I wouldn’t want to live in it, god knows what the cheap labor f’ed up on your house as they “learned” to build a home as they built yours. Scary stuff, the mistakes made while learning.

  7. The Great Pumpkin says:


    You can’t be this ignorant to deny this?

    “France Suffers Through Hottest Day In Its History — 113 Fahrenheit”

    “One of the world’s most famous climate scientists, Dr. James Hansen of Columbia University, told CBS News, “For all practical purposes, the heat wave is caused by human-made global warming.”
    This is an uncharacteristically strong statement for any climate scientist to make, but Hansen has done extensive research into this topic. It was his 1988 congressional testimony on climate change that first brought greater awareness of the dangers of human-caused environmental changes.
    During his testimony more than 30 years ago, Hansen said he believed with 99 percent accuracy that humans were causing a worldwide increase in temperatures. The former NASA scientist told CBS News he believes extreme heat waves such as in France have become more common because of human activity.
    “In dry subtropics such as the Mediterranean area, the [temperature distribution] shift in the summer is so large that events as extreme as those of 2003 and 2019 now have a probability of happening that is at least a couple of orders of magnitude (factor ~100 or more) greater than it was in the climate without human influence,” Hansen said.
    “In other words, the chance of those extreme events in the pre-industrialized world was not zero, but it was negligibly small compared to the chance today,” Hansen continued. “So you can say with a very high degree of confidence that this extreme event is a consequence of human-made climate change.””

  8. The Great Pumpkin says:


    Is this how global warming benefits us? By sending temperatures to 114 degrees in places that do not have air conditioning? How the hell do our crops adjust to this rapid change in temperatures?

  9. The Great Pumpkin says:

    How does livestock adjust?

    Keep drinking the kool aid that global warming is nothing to worry about and we should embrace the rise in temperatures. Smart approach.

  10. Blue Ribbon Teacher says:

    shut up….we have a 100 year data set of crop production increasing. That’s a positive correlation with increasing temperatures all along the way. But FYI, it hits 114 in Arizona and they still grow all kinds of crops.

  11. The Great Pumpkin says:

    How do we know rising temperatures are responsible for this? What about technology? Round up was a god send when it comes to increasing production.

    Blue Ribbon Teacher says:
    June 29, 2019 at 10:02 am
    shut up….we have a 100 year data set of crop production increasing.

  12. PumpkinFace says:

    The Great Pumpkin says:
    June 26, 2019 at 10:13 pm

    I’ll stop posting

  13. chicagofinance says:

    Kyle Smith:
    Remember how the entire Democratic-media complex clutched its pearls at the suggestion that any Democrat would ever cover illegal immigrants’ health care? A blink of an eye later, and the Democrats are bragging about this. Pete Buttigieg thinks it’s our Christian duty as a country to pay for illegal-immigrant health care. I think Mayor Pete might be confusing Jesus Christ with Oprah. “You get free health care! And you get free health care! And you get free health care!”

    Also, the Dems want to charge you, Todd and Tanya Taxpayer, to send rich kids from Brooklyn off to Oberlin to major in revolutionary soc!alism. Also, they want abortion to be legal up to the moment of crowning, with Todd and Tanya forced to pay for that, too. Marianne Williamson’s harness of love was the least crazy idea on offer. If the Democrats had been pre-programmed by the Republican National Committee, they could hardly have damaged their brand more.

    Thursday night, even the commercials seemed to undermine the Democrats. A spot for the Alzheimer’s Association in the middle of a program that starred Biden and Bernie Sanders? Hilarious.

  14. Bystander says:

    All knowing board,

    My dishwasher has blown two thermal fuses in last month. From research, I might need to replace entire control board now. It is 10 years old at least so may just get new unit. Any recommendations on brand? Honestly have never had to buy new unit previously.

  15. Blue Ribbon Teacher says:

    How do we know rising temperatures are responsible for this? What about technology? Round up was a god send when it comes to increasing production.

    No sh1t sherlock….science is so far ahead of a 1 degree shift over 100 years that it doesn’t f*cking matter…so shut the f*ck up.

  16. Bystander says:

    The outsourcing / H1B machine ain’t stopping. My understanding is that it is getting cheaper. I wish some of you could sit in on conversation with IT mgt at some big institutions. It is beyond ridiculous to try to hire anyone other than cheap Indian resource. Putting Indian people in high cost location is another savings strategy as they take less than locals, 30 percent less often. Of course, their Visa expires and it is like musical chairs. Leave Europe, back in India and get another visa for US, rinse repeat. Of course who is left trackibg these multiple and resource mgt team, ensuring they have entry and seat every stop at at right time. Bs

  17. Bystander says:

    Our resource manager is insane..truly. Random weird sayings, quick temper and strange cackling laugh. I would be to, trying to manage this crap. She lost it somewhere. Competent but bat sh$t personality.

  18. Joe says:

    This guy is an ignorant idiot. We have been in a natural warming cycle for the last 10,000 years. There is more going on than just human activity and this guy is too ignorant to understand that. Global warming theory is for ignorant close minded people who think humans are the most powerful entity in the universe.

    “One of the world’s most famous climate scientists, Dr. James Hansen of Columbia University, told CBS News, “For all practical purposes, the heat wave is caused by human-made global warming.”

  19. The Great Pumpkin says:

    What causes the earth to go into this natural warming period? Even more simply, how does the earth warm?

    So couldn’t human beings adding significantly to this by releasing this compound into the air through the release when burning fossil fuels? How do we have no impact on this?

  20. Joe says:

    We are having an slight impact but it is nowhere near what the global warming people think it is. The suns energy has a solar cycle of increasing and decreasing energy output which effects temperature on this planet more so than anything humans beings will ever be able to do. The suns energy fluctuates. It is not constant and is currently in an increasing energy output cycle which will eventually turn. The sun has a cycle and nothing has occurred out of the ordinary with the weather to blame it solely on humans.

    Ask any global warming person about the solar cycle effecting the weather and they will look at you like you are nuts. They are ignorant of how the rest of the universe comes into play effecting the weather and just ignorantly focus on only human activity. They think the only variable in the equation are humans which is outright wrong and close minded.

  21. Chris says:

    American caravan arrives in Canadian ‘birthplace of insulin’ for cheaper medicine.

  22. grim says:

    Pretty sure AOC never walked through Auschwitz.

  23. grim says:

    American caravan arrives in Canadian ‘birthplace of insulin’ for cheaper medicine.

    Pretty sure this is all the work of the “big data” “improving outcomes” insurance companies, this is how they “accelerate value” through “transformational innovation”.

  24. No One says:

    Humans once walked from Russia to Alaska when the continents were connected by ice. The weather always changes and humans survive by adapting. The more technology and wealth they have, the better they can adapt.

  25. The Great Pumpkin says:

    What do you think the whole green movement is about? It’s all a call for research and investment before it’s too late…it’s a call to sustainably adapt to the world we live in. Fossil fuels are not sustainable. That fact alone should cause us to invest in finding alternative energy sources. Whether you believe in climate change or not, it doesn’t change the fact that we are overly reliant on a finite energy source. Your ilk only sees dollar bills and easy profit, you will never understand how wrong you are on this issue till it’s too late. Keep bashing progress in search of alternative sustainable energy sources..👍🏻

    “The weather always changes and humans survive by adapting. The more technology and wealth they have, the better they can adapt.”

  26. The Great Pumpkin says:

    One of the greatest wrongs produced by the republican propaganda machine. This idea that we shouldn’t worry about our changing climate. Just ignore it and it will go away..

    Same mindset prob thought it was a good idea to dump chemicals into rivers and garbage into the ocean… just ignore it and it will go away!

  27. Mâchîne says:

    Anyone watching Big Little Lies? It’s a chick fest but Meryl Streep. Man that Jersey girl can act. Ads a layer of nuance to an otherwise predictable show.

  28. Bruiser says:

    Pumpernickel, alternatives are fine. Shutting down gas-fired power plants and putting up a few hundred solar arrays instead is asinine. Expecting the United States to end carbon dioxide emissions in an effort to “save the world” while India & China increase their emissions yearly by more than our decrease is even more asinine.

  29. Bruiser says:

    You cannot see the forest for the trees, but you just assume the problem is the Republicans cut down the forest.

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