Industry News

S.F. Bay Area real estate sales fall from record highs

Q2 activity drops 25% year over year, report finds

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Sales of existing single-family detached homes dropped 25 percent in the Bay Area from second-quarter 2005 to second-quarter 2006, Prudential California Realty reported, while the inventory of active listings increased 34 percent. The time on market for single-family detached homes increased from 27 days in second-quarter 2005 to 43 days in second-quarter 2005. Median prices for single-family detached homes, meanwhile, grew from $741,657 in second-quarter 2005 to $789,914 in second-quarter 2006, a 7 percent gain. The Bay Area region includes Alameda, Contra Costa, Marin, Napa, San Francisco, San Mateo, Santa Clara, Solano and Sonoma counties. The highest increases in median price occurred in an area comprising San Francisco's north-central neighborhoods (which includes Hayes Valley, Lower Pacific Heights, Western Addition, Alamo Square and North Panhandle) where the median price of a single-family home increased by 63 percent from $920,500 to $1.5 million, accordin...