SAN FRANCISCO (AP) -- Home sales in the San Francisco area tumbled for a second month even as the median sales price in May hit an all-time high of $700,000, a research firm reported Wednesday.
CoreLogic Inc. reported that nearly 7,900 homes and condos were sold in the nine-county region in May, down 4.2 percent from May 2015. April also showed a decline in annual sales.
"The tight supply of homes on the market continues to constrain sales, while low mortgage rates and job growth help fuel healthy demand," said CoreLogic research analyst Andrew LePage.
Statewide, the median price for a California home climbed year-over-year for the 51st consecutive month, hitting $427,000 in May. The median price increased 0.5 percent in April and 5.4 percent from May 2015.
Home sales statewide hit nearly 42,800, up 2.7 percent from May 2015.
In the six-county Southern California region, sales and prices both trended up. Nearly 22,500 houses and condos sold in May, up 3.3 percent from last year.
The median price was $459,500, up 6.9 percent from May 2015. Homes in Orange County posted the highest median at a record $651,500, followed by Los Angeles at $525,000.
In Southern California, homes costing $500,000 or more made up 44 percent of sales. In the San Francisco area, the figure was closer to 70 percent.
This was the second straight month in the Bay area where sales declined from the previous year.
May also set a new median sales price peak in the San Francisco region, beating April's record $690,000. Before that, the price peak was $665,000 in June and July of 2007.
The region's $700,000 median price was up 6.3 percent from last May.
Cheaper inland counties, such as Contra Costa and Solano, posted the month's largest year-over-year median price gains at 12.5 percent and 13.9 percent, respectively.
San Francisco County's median sales price dropped 2 percent from last May to $1,127,500. It also dropped from April's median sales price of $1.3 million.