Industry News

San Francisco-area real estate sales fall 22% in Q4

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Real estate sales fell 22 percent in the San Francisco Bay Area in fourth-quarter 2006 compared to fourth-quarter 2005, according to a report by Prudential California Realty, while the median price increased 1 percent for all housing types. For-sale inventory jumped 22 percent in the fourth quarter compared to the same quarter in 2005, the company reported. "Although it's still early, these are positive signs that the market is finding its legs in this correction and stabilizing," said Scott Kucirek, general manager of Prudential California Realty, in a statement. "The sharp rate of the downturn has definitely decelerated." A glut of mid-year inventory in 2006 quickly shifted the market to favor buyers, the report states. "Buyers enjoyed a great deal of choice and were able to make demands for price reductions. This had an impact on inventory levels in the fourth quarter as some homeowners removed their properties from sale and more chose to wait and see how the market would fare ...