Wednesday, August 16, 2006

Bay Area: Housing Sales at Ten Year Low

by Calculated Risk on 8/16/2006 02:33:00 PM

DataQuick reports: Bay Area home sales decline

Home sales in the Bay Area slowed to their lowest level in ten years as prices increased at their slowest pace since spring 2003, a real estate information service reported.

A total of 7,941 new and resale houses and condos were sold in the nine-county region last month. That was down 19.1 percent from 9,892 for June, and down 30.8 percent from 11,470 for July last year, according to DataQuick Information Systems.

Last month was the slowest July since 1996 when 7,682 homes were sold. The average July sales count since 1988 is 9,158.
And on prices
The median price paid for a Bay Area home was $627,000 last month. That was down 2.6 percent from June's record $644,000, and up 3.5 percent from $606,000 for July a year ago. Last month's year-over- year increase was the lowest since May 2003 when the $427,000 median was up 3.4 percent.
Note that prices in San Francisco, San Mateo and Marin are down slightly YoY. This is probably the beginning of price declines.