7.20.2008

They said it couldn't happen in Frisco

The San Francisco Chronic:
Double-digit drops in median home prices hit every Bay Area county in June, even the ones that had seemed Teflon-coated.

Across the nine counties, the median price paid for resale homes, new homes and condos in June plunged 27.1 percent from a year ago to $485,000, dipping below the half-million-dollar mark for the first time in four years, DataQuick Information Systems of La Jolla (San Diego County) reported Thursday.

[...]

Affluent areas such as Marin County and San Francisco, which until now had resisted most price erosion, saw existing single-family home median prices fall by about 11 percent. Including new homes and condos, the Marin County and San Francisco medians fell about 12 percent to $846,000 and $726,750, respectively.

You wouldn't believe how many Friscans actually thought Frisco would be completely immune to the collapse of the housing bubble. As with most housing bubbles, nicer areas hold up longer, but eventually they all fall. Including Frisco.

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