Industry News

S.F. Bay Area real estate sales hit 5-year low

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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 downturn. It's always difficult to project from trends we see in January and February. The March numbers will tell us much more about what's going on," said Marshall Prentice, DataQuick president. The ...