Compare Listings

San Francisco Bay Area Market August 2021 Update

San Francisco Bay Area Market August 2021 Update

“August is like the Sunday of Summer.” — Kelly Dwyer

Growing up, I didn’t particularly like Sundays because it meant that the next day will be Monday–a school day. Now, as an adult, I love Sundays! I get to spend time with my wife and daughter. Then, the next day, my week resets and I get to start a new week with new goals. The same goes for August and the housing market, despite the pandemic, it follows a typical year’s pattern, it’s a slow month.

As the July data shows, 6 out of the 9 counties recorded a reduction in sold home prices. Many point to that as the beginning of the long due price correction. However, one should note that it’s very typical for many home buyers to take a break in the summer months from home buying. Some buyers are discouraged and fatigued by being outbid in the Spring home buying frenzy and others are in the midst of a long overdue vacation, prepping for the start of a new school year, etc. It’s expected the softer July will carry to on to a soft August until activities pick up again.

Buyers and sellers should not be alarmed by the July recession. There is a good chance the prices won’t grow again until later part of August and September. So, be on the lookout for more updates in the weeks following Labor Day.

Facebook Comments
img

Lex Shan

    Related posts

    San Francisco Bay Area Market November 2021 Update

    We are now in the midst of the holiday season! As we are getting closer to Christmas and the New...

    Continue reading
    by Lex Shan

    San Francisco Bay Area Market October 2021 Update

    Fall is in full swing! As temperatures drop and the rain fall begins, we shall be seeing changes in...

    Continue reading
    by Lex Shan

    San Francisco Bay Area Market September 2021 Update

    Fall is officially here! Now that the kids are in school, the air is crisper, and PSLs are in full...

    Continue reading
    by Lex Shan

    Join The Discussion