"It is not unusual for a regional median sale price to slip back from a new peak," CoreLogic analyst Andrew LePage said.
The region also saw a 10.2% drop in the number of home sales in July compared to June. In July, a total of 7,547 new and existing houses and condos were sold in all nine Bay Area counties, down from 8,403 in June.
The number of sales in July was also below the month's historical average.
"Tight inventory continues to constrain sales, but the overall increase in housing costs, exacerbated by this year's rise in mortgage rates, means more would-be buyers are unable or unwilling to buy," LePage said.
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