Industry News

S.F. Bay Area real estate sales fall 26%

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About 7,204 new and resale homes and condos sold in the San Francisco Bay Area in November, down 25.9 percent from November 2005 and down 9.7 percent compared to October, real estate research company DataQuick Information Systems reported today. It was the lowest sales count for the month of November since 2001, when 6,644 homes sold, DataQuick reported. Since 1988, the average monthly sales total for November is 7,725 -- with a low of 5,579 in November 1997 and a high of 10,897 in November 2004. The median price of a home in the nine-county Bay Area fell 1.4 percent in November to $616,000, compared with $625,000 in November 2005. The median price rose 0.3 percent compared to October 2006, though it was 4.3 percent below the $644,000 peak in June. The year-over-year decline in prices in November was the steepest since prices dropped 2.1 percent in February 2002, according to the DataQuick report. The median price of Bay Area homes dropped 0.8 percent in September 2006 compared to Sep...