Industry News

S.F. Bay Area home sales drop 25%

Prices fall considerably in San Mateo County, report finds

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Home sales in the San Francisco Bay Area fell 24.9 percent in August compared to August 2006, real estate research company DataQuick Information Systems reported today, and median prices dropped in three counties compared to year-ago levels. A total of 9,128 new and resale houses and condos were sold in the nine-county Bay Area region last month, which was up 14.9 percent since July 2006. It was the slowest August since 1997 when 9,080 homes were sold, DataQuick announced. DataQuick's statistics date back to 1988, and the slowest August since then was in August 1992 with 6,326 sales, while 2003 was the strongest August on record with 12,488 sales. The average August sales count since 1988 is 9,530. "Many homes are being offered for sale at unrealistically high prices as sellers try to game the peak of the market. Buyers appear to be taking a wait-and-see approach as sellers get real with their asking prices. The market seems to be going into a lull until this all shakes out. It does a...