June median home prices fell in every county in the Bay Area but one

Photo of Tessa McLean

File photo of a

File photo of a “for sale” sign on a single-family home in Vallejo, California.

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Home prices have fallen in the Bay Area this summer as the real estate market continues to cool in response to high inflation and rising interest rates. But one Bay Area county managed to make small gains in June, according to recent data from the California Association of Realtors.

Nearly every county in the Bay Area saw a drop in median home prices for single-family homes in June 2022 compared to May, with Marin County seeing the sharpest drop at 14.3%. Alameda County also saw a significant 8.1% decline, while Napa County saw a 7% decline and San Francisco County a 5.7% decline.

But the oft-forgotten province of Solano saw a small increase, improving by 1.5% from May to June.

Sales in Solano County are also up 8.7% year over year. The continued adoption of remote work has fueled the Solano market, said Tim Garton, an agent at Remax Gold in Vallejo, as people are less hesitant to move far beyond the big job markets like Silicon Valley and San Francisco. He said buyers from those markets typically make up about 20% of his business, but in the past two years this has increased to nearly 40%.

The area is also historically the most affordable in the region. “That’s still probably the biggest reason,” Garton said.

California home sales generally took a hit in June, dropping 21% year-over-year. That’s the biggest downturn since 2008, during the height of the Great Recession, and excludes the brief pandemic downturn in 2020.

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