About time: $1M+ home sales drop in San Francisco
But the low- and mid-market sales continue at a crisp rate as low interest rates make higher prices affordable to the thousands who were priced out during the dotcom boom. According to this San Francisco Chronicle story yesterday:
Sales of luxury homes in the Bay Area dropped in the second quarter as the region's stumbling economy kept a cap on price appreciation, a real estate information firm reported Tuesday.
A total of 1,714 homes priced above $1 million were sold in the nine-county region between April 1 and June 30, down 3.5 percent from the peak 1,776 in the same period last year, said DataQuick of La Jolla (San Diego County).