Industry News

Prices flatten in San Francisco area in October

Sales drop 24% compared to October 2005

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The median price for homes in the San Francisco Bay Area held steady in October compared to the same month in 2005, according to real estate research company DataQuick Information Systems, while sales were down 24.1 percent. A total of 7,979 new and resale houses and condos sold in the nine-county region in October, which was up 0.9 percent compared to October but down from 10,508 for October 2005, DataQuick reported. The sales count in October was the lowest for the months since October 2001, when 7,867 homes were sold, according to the report. Dating back to 1988, there are an average 8,445 sales in the month of October, the company reported. The lowest October sales count since 1988 was 5,767 in 1994, while the highest was 11,728 in 2003. "The market is in the midst of its post-frenzy rebalancing phase. The sky is probably not falling, as some have predicted. But there will be those who bought near or at the peak, and who could find themselves in financial trouble if they need to se...