Industry News

S.F. Bay Area real estate sales down again

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

San Francisco Bay Area home sales remained at the lowest level in five years and monthly home sales were down, year-over-year, for the 11th straight month, a real estate information service reported today. A total of 6,206 new and resale houses and condos were sold in the nine-county Bay Area region in February, which was up 3.4 percent since January but down 16.8 percent compared to February 2005, according to DataQuick Information Systems. Normally, sales decline from January to February. Last year's February was the strongest in DataQuick's records, which go back to 1988, the company reported. "We'll know more about what's going on once next month's numbers come in. March sales have a more typical purchase pattern than February's or January's. Right now we don't see anything ominous in the numbers, just a real estate cycle that is past the frenzy phase," said Marshall Prentice, DataQuick president. The median price paid for a Bay Area home was $616,000 last month, a 1.5 percent gai...