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Thursday, December 15, 2005

DataQuick: Slower Bay Area home sales, steady price increase

by Calculated Risk on 12/15/2005 07:16:00 PM

DataQuick reports: Slower Bay Area home sales, steady price increase

Bay Area home sales continued to slow on a year-over-year basis while prices continued to climb, a real estate information service reported.

A total of 9,717 new and resale houses and condos were sold in the region last month. That was down 7.5 percent from 10,508 for October, and down 10.8 percent from 10,897 for November last year, according to DataQuick Information Systems.
Last month was the third-strongest November.
The median price paid for a Bay Area home was $625,000 last month, a new record. That was up 1.8 percent from $614,000 in October, and up 17.3 percent from $533,000 for November a year ago. Annual price increases so far this year have ranged from 17.2 percent to 20.5 percent.
The typical monthly mortgage payment that Bay Area buyers committed themselves to paying was $2,921 in November. That was up from $2,815 in October and $2,350 for November last year. Adjusted for inflation current payments are 16.5 percent higher than at the peak of the last real estate cycle in the spring of 1990.

Indicators of market distress are still largely absent. Foreclosure rates are low, down payment sizes are stable and there have been no significant shifts in market mix, DataQuick reported.