Industry News

Real estate sales slump continues in S.F. Bay Area

Median prices up 17% since October 2004

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

San Francisco Bay Area home sales declined on a year-over-year basis for the seventh month in a row in October, according to DataQuick Information Systems, a real estate information company. The median home price in October was up 17.2 percent since October 2004 but slipped 0.3 percent from September 2005. A total of 10,508 new and resale houses and condos were sold in the nine-county Bay Area on a year-over-year basis, which DataQuick attributed to rising mortgage interest rates and reduced demand. That was down 6.2 percent from 11,205 for September, and down 6 percent from 11,180 for October last year, the company reported. Sales have been lower compared to 2004 every month since April. So far this year 107,099 Bay Area homes have been sold, 5.1 percent fewer than 112,873 for the same ten-month period last year. "We look at today's market as normalizing. Everybody seems to have gotten used to the records set last year and the year before. The fact is that last month was the thir...