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by CareyBot

Sales of San Francisco Bay Area homes dropped last month to the lowest level in five years as price increases continued to ease back, according to a report by DataQuick Information Systems, a real estate information service. It was the 10th month in a row of year-over-year sales declines. The January sales count was the lowest for any month since January 2001 when 5,977 homes were sold. A total of 6,004 new and resale houses and condos were sold in the nine-county region last month. That was down 35.8 percent from 9,347 for December, and down 20 percent from 7,509 for January last year, DataQuick reported. A decline from December to January is normal for the season, the company reported. "We won't know for another couple of months if this is a lull in the market or part of a longer-term d...