Industry News

S.F. Bay Area home sales hit 10-year low

Home prices drop year-over-year in 3 counties

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Home sales in the San Francisco Bay Area slowed to their lowest level in 10 years in July and prices increased at the slowest pace since spring 2003, according to DataQuick Information Systems, a real estate information service. A total of 7,941 new and resale houses and condos were sold in the nine-county Bay Area region in July, which was down 19.1 percent from June and down 30.8 percent from July 2005. July sales hit the lowest point since July 1996, when 7,682 homes were sold. The average July sales count since 1988 is 9,158, DataQuick reported. Sales fell 41.2 percent in Solano County, 40.1 percent in Sonoma County, 34.6 percent in Alameda County, 29.9 percent in Marin County, 29.7 percent in Santa Clara County, 28.8 percent in Napa County, 26.9 percent in Contra Costa County, 23.9 percent in San Francisco and 16.6 percent in San Mateo County from July 2005 to July 2006. Prices fell 2.1 percent in Marin County, 0.7 percent in San Mateo County and 0.6 percent in San Francisco whil...