Industry News

S.F. Bay Area real estate sales fall 19%

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Sales of San Francisco Bay Area homes declined for the 14th month in a row in May, as the median home price edged up to another record, a real estate information service reported today. A total of 9,064 new and resale houses and condos were sold in the nine-county region last month, down 19.8 percent from 11,308 for May last year, according to DataQuick Information Systems. Last month was the slowest May since 2001 when 7,864 homes were sold, DataQuick reported. The strongest months of May since 1988 were May 2004 with 12,028 sales, and last year. May sales hit bottom in 1995 with 5,779. "This is a market that is rebalancing itself after several boom years. What we're seeing is stable core demand, and a decline in speculative and discretionary buying," said Marshall Prentice, DataQuick president. "These trends should continue through the summer buying season. There is uncertainty about the market after that, tied to broader economic trends." The median price paid f...