According to the San Francisco Multiple Listing Service sales in SoMa, for the past 6 months, when compared to last year, are down approximately 32%, while the median selling price has risen from $734,500 to $743,500.

For buyers the best "deals" continue to be in new construction where developers are offering hefty incentives to move inventory. Free cars, HOA Dues, Closing Costs, and yes even reducing the list price. The summer of 2008 will certainly be remembered as a buyers market. Enjoy it while you can.

Homes in cities and neighborhoods that require long commutes and don't provide enough public transportation alternatives are falling in value more quickly than those in more central locations, according to a May study by CEOs for Cities, a network of U.S. urban leaders.

In Atlanta, Mike Wright, an associate with Prudential Georgia Realty, says that real estate within the city perimeter has been selling better than properties outside the city, reflecting a trend of people moving "closer-in."

In Florida, real estate professor Bill Weaver sees this as possibly the beginning of a shift to a more European approach to finding homes.

"Transportation costs in Europe have been so high for so long that they already take transportation into account when they buy a home," Weaver says. "We've just been behind on that. In that regard, you might look at high gas prices as sort of a silver lining."

Source: The Associated Press, Adrian Sainz (06/18/2008)

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Sincerely,