SAN FRANCISCO—Home sales, both multifamily condo and single-family, are holding strong amid some bumpiness, including a pause ahead of the November election. Redfin’s October research reported US median home sale prices increased 15% year-over-year to $320,625, the highest on record.
In the week ending October 18, home prices were up 16% from the same week a year earlier. Rising sales and prices, rebounding from earlier drops mirroring the pandemic, are bouncing back in counter-trend to declines reported in same-period numbers of 2018 and 2019. Condo prices rose 5.4% in August.
San Francisco echoes many US markets in the dichotomy of upper-end product versus entry-level housing. Compass research shows single-family prices rose 5.2% to $1.66 million from $1.5 million last year.
Moreover, the average price for San Francisco condos was $1.2 million year-to-date, an 8% drop from $1.3 million in 2019 but still above 2018’s $1.1 million. The biggest reason condo