Industry News

S.F. Bay Area real estate sales dive

Median home price falls $16K from previous month

Home sales in the nine-county San Francisco Bay Area declined on a year-over-year basis for the ninth month in a row in December as prices eased from a November peak, according to DataQuick Information Systems, a real estate information service. A total of 9,347 new and resale houses and condos were sold in the region last month, down 3.8 percent from 9,717 for November and down 15.5 percent from 11,068 for December last year, DataQuick reported. The month-to-month decline is unusual – sales normally increase from November to December, the company reported. Last month's sales count was the lowest for any December since 8,987 were sold in December 2002. The 15.5 percent year-over-year decline was the steepest since sales fell 27.2 percent in November 2001. "Demand still seems to be there, but the sense of urgency seems to be a thing of the past. We don't expect the market to tumble, but we do expect price increases to level off between now and spring," said Marshall Prentice, Dat...