Industry News

S.F. Bay Area home prices fall for first time in 4 years

Sales slide 30% compared to September '05

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San Francisco Bay Area median home prices fell 0.8 percent in September compared to September 2005 -- the first time in about four years that prices fell on a year-over-year basis in the region, according to a report by real estate data company DataQuick Information Systems. Sales were at their lowest level in five years in September, DataQuick also reported. The median price paid for a home in the nine-county Bay Area was $611,000 in September, down 1.5 percent from August 2006 and below the $616,000 reported for September 2005. "Because of a shift in purchase patterns, a decline from August to September is normal for the season," according to the DataQuick announcement. The year-over-year decline was the first since March 2002 when the $381,000 median price dropped 1.3 percent compared to March 2001. "Last month's median was in part tugged down by increased sales of lower-cost condo conversions in the East Bay," DataQuick reported. "The last time prices dropped in the Bay Area was a...