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January 2008 Sales Data is Here!

The latest market report is here. (You can also view previous market updates by selecting the archives on the upper right portion of the screen).
This time around the median condo price is slightly down from the same time last year, and the median single family home price is up from the same time last year.
The big news? The increase in the conforming loan limit – what else?

Congress Raises Conforming Loan Limit

Congress passed the economic stimulus package which temporarily raises the conforming loan limit to $729,750 from $417,000.

This should loosen up credit and give a boost to the real estate market, especially in high-priced areas and in the move-up market.

Home sales fell 32.5% from December, down 5.4% year-over-year. The 106 homes sold in January were the fewest number of sales since we’ve been keeping track: January 2000. Condo sales were also off, dropping 44.9%, month-over-month, and down 19.3% from January 2007.

The median price for single-family, re-sale homes rose 11.1% from December, and was up 6.6% year-over-year. The average price dropped 2.7%, but was up 11.7% compared to last December.

The median price for condos in San Francisco rose 2.2% to $710,000 from December, down 2.1% year-over-year. The average price for condos gained 8% to $885,195, month-over-month. The average price was up 8.5% year-over-year.