Bay Area median homes prices fell on a year-over-year basis for the third month in a row in July.
The median price for a Bay Area home slipped to $815,000 in July, down by $41,000 from the median price in June, according to research firm CoreLogic. That's a 5% decrease.
A year ago, the median price for a home was $850,000.
Sales have shifted away from mid- and high-end houses, CoreLogic analyst Andrew LePage said. New home, which tend to cost more, are down too, LePage said.
The last time the Bay Area saw so many counties with annual declines in home prices was in February 2012, LePage said.
There was also a steep decline with the recession that started in 2007 and lasted until June 2009. There has been increasing talk that the economy is headed to another recession, because of a rare development in the U.S. bond market.
