2007: A year to forget

Another item from my inbox today, a press release from the San Francisco Association of Realtors, presented without comment (other than this link to San Francisco market trends from Trulia that suggests why you'd want to look back two years instead of one):

MEDIAN SALE PRICE OF SAN FRANCISCO SINGLE-FAMILY DWELLINGS AND CONDOMINIUMS CONTINUE RISE

Data Shows $30,000 Increase From March 2006 To March 2008

SAN FRANCISCO (April 23, 2008) — Proving home ownership is a wise investment even in shaky economic times, a market dynamics study for single-family dwellings and condominiums in San Francisco shows sale prices continue to climb.

In March 2006, the median sale price was $780,000 and it jumped to $810,000 in March 2008.

The information is presented by Terradatum, a Glen Ellen, Calif., provider of technology solutions to the real estate industry. Its market analytics software converts data into easy to understand and visually intuitive charts and graphs.

"While there are month-to-month fluctuations, compared to other markets we look at throughout the country, this clearly speaks to the continued historical strength of real estate in San Francisco," said Joshua Rymer, chief executive officer of Terradatum.

The Bay Area is traditionally one of the most coveted real estate markets, but national trends also demonstrate the financial wisdom of owning your own home.

According to figures from the National Association of REALTORS, over the past 30 years the median price of existing homes has increased an average of more than 6 percent every year –- and home values nearly double every 10 years.

A Federal Reserve study has shown the average homeowner’s net worth is 46 times the net worth of the average renter and the Department of Housing and Urban Development (HUD) found 60 percent of the average homeowner's wealth is from their home's equity.

"There is a great deal of inventory in the marketplace, interest rates are low and, as this data clearly indicates, San Francisco continues to be one of the best performing areas in the entire country," said Chuck Colliver, president of the board of directors of the San Francisco Association of REALTORS.

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