by Calculated Risk on 11/15/2007 02:58:00 PM

From DataQuick: Bay Area home sales drag along bottom

Bay Area home sales remained at their lowest level in decades last month, the result of mortgage market turbulence and hesitant buyers. Prices continued to hold up best in core markets, while declines steepened in some inland areas, a real estate information service reported.

A total of 5,486 new and resale houses and condos were sold in the nine-county Bay Area in October. That was up 9.4 percent from 5,014 in September, and down 35.7 percent from 8,532 for October a year ago, DataQuick Information Systems reported.

Sales have decreased on a year-over-year basis the last 33 months. Last month was the slowest October in DataQuick's statistics, which go back to 1988. Until last month, the slowest October was in 1990 when 6,443 homes were sold. The strongest October was in 2003 when sales totaled 13,392. The average for the month is 8,930.
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The median price paid for a Bay Area home was $631,000 last month, up 1.0 percent from $625,000 in September, and up 2.4 percent from $616,000 for October last year. The median peaked at $665,000 last June and July.
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Foreclosure activity is at record levels ...