Industry News

S.F. Bay Area real estate values begin to cool

Median prices in July dip 0.4% from previous month

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Although median home prices in the San Francisco Bay Area climbed nearly 16 percent from July 2003 to July 2004, they fell 0.4 percent from the previous month, according to DataQuick, a real estate data company based in La Jolla, Calif. The median price of new and resale Bay Area houses and condos in July 2004 was $514,000, down slightly from the record $516,000 in June 2004 but up 15.8 percent from the $444,000 median price in July 2003, DataQuick reported. There were 12,862 Bay Area home sales in July 2004, up 11.8 percent from the 11,501 homes sold in July 2003. However, this was down 8.8 percent from a record 14,104 sales in June 2004. "Because of expected interest-rate increases, the market has been pulling future activity into the present," said Marshall Prentice, DataQuick president. "Along with an increased number of homes for sale, that's why the last two months have been the two strongest on record. Now that interest rates have edged down the past couple of weeks, it'll be ...