Bay Area Home Prices Fall

Falling home prices...even in San Fransisco.

Inquiring minds are looking at the recent data released for the San Francisco region in “…Bay Area Home Prices Fall…“.

San Francisco Bay Area home prices fell 1.3 percent in December as foreclosure sales made up a larger share of purchases, MDA DataQuick said.

The median paid for new and resale houses and condominiums in the nine-county region was $375,000, down from $380,000 for both November and a year earlier, the San Diego-based real estate data firm said today in a statement.

Foreclosure sales increased for the fifth straight month to 31 percent of all purchases, the largest proportion since March. California as a whole had the most foreclosures of any U.S. state last year, with 546,669 filings, Irvine, California-based data seller RealtyTrac Inc. said last week.

“Most of what we’re seeing are distress sales and bargain hunting, with a smattering of discretionary buying,” John Walsh, MDA DataQuick’s president, said in today’s statement. “While the dicey economy and employment concerns are major factors, tight mortgage credit is also a big issue right now, especially for the upper half of the market.”

Purchases of properties priced $500,000 or more accounted for only a third of all December transactions, down from 36 percent the previous month and the lowest share since February. Since 2000, these homes made up 45 percent of sales.


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