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Photo: Paragon Real Estate Image 1 of / 14 Caption Close Image 2 of 14 Houses in Portola are still on the rise. Houses in Portola are still on the rise. Photo: Paragon Real Estate Image 3 of 14 Prices are down in Russian Hill, Nob Hill and North Beach. Prices are down in Russian Hill, Nob Hill and North Beach. Photo: Paragon Real Estate Image 4 of 14 Excelsior values are up substantially. Excelsior values are up substantially. Photo: Paragon Real Estate Image 5 of 14 Image 6 of 14 Outer Sunset values are also up. Outer Sunset values are also up. Photo: Paragon Real Estate Image 7 of 14 Homes in more expensive areas are dropping, while those in more affordable areas continue to rise. Homes in more expensive areas are dropping, while those in more affordable areas continue to rise. Photo: Paragon Real Estate Image 8 of 14 More luxury homes and condos are being removed from market without a sale. More luxury homes and condos are being removed from market without a sale. Photo: Paragon Real Estate Image 9 of 14 Homes and condos are not selling as quickly. Homes and condos are not selling as quickly. Photo: Paragon Real Estate Image 10 of 14 Image 11 of 14 Median home prices citywide Median home prices citywide Photo: Paragon Real Estate Image 12 of 14 First quarter statistics First quarter statistics Photo: Paragon Real Estate Image 13 of 14 Housing of all types is still selling for 5 percent over asking, on average. Housing of all types is still selling for 5 percent over asking, on average. Photo: Paragon Real Estate Image 14 of 14 Homes prices in more affordable S.F. neighborhoods continue to rise, as luxury sales slump 1 / 14 Back to Gallery

Reports of a slowdown in the San Francisco housing market are greatly exaggerated, at least according to a new report from Paragon Real Estate. While the real-estate group admits that there has been a lull at the highest end of the market, neighborhoods with more affordable housing (especially those priced around $1 million and under) continue to see multiple offers and overbids.

“Generally speaking, in higher priced areas, median house prices have been plateauing or dropping a little, while the more affordable neighborhoods have continued to appreciate: This is a relatively common dynamic around the Bay Area,” according to the report.

For example, according to Paragon, the March median sales price for single-family homes in the Bayview was $790,000, a 17.4 percent increase over the March 2016 median of $673,000. The Outer Richmond saw a 18.7 percent rise in its year-over-year median sales price going from $1,270,000 to $1,507,500. The $1.27-million figure was itself a 20.4 percent rise over the 2015 median of $1,055,000. That’s a nearly $500,000 increase in just two years. Zillow also predicts the neighborhood will rise further over the next year.

On the other hand, Zillow expects homes at the upper end of the market to drop their prices in 2017, with the Marina predicted to see the biggest drop at 2.9 percent. That matches Paragon’s data, which shows homes in District 7 (Pacific and Presidio Heights, Cow Hollow and the Marina) went from an all-time high median price of $4,975,000 in 2015 to $4,700,000 this year.

The report points out that its hard to see a clear trend in these areas since there are relatively few home sales, so one sale could skew the averages high or low. However, Paragon also found that listings for “luxury” homes—those priced over $3 million for single-families and over $1.85-million for condos—throughout the city were expiring and being removed from market without a sale at higher and higher rates. The figures were particularly striking for luxury condos, where 176 were removed from market without a sale in 2016, versus a low of 80 in 2012.

“Generally speaking, the luxury market has cooled more than the more affordable segments, and the luxury condo market has cooled more than the luxury house market,” summed up the report. “This is mostly due to the recent surge of new-construction luxury condos onto the market in the city.”