Magazine article Mortgage Banking

SF Bay Area Home Sales Drop in September

Magazine article Mortgage Banking

SF Bay Area Home Sales Drop in September

Article excerpt

* The number of home sales dropped by 17.1 percent in September compared with August in the nine-county San Francisco Bay Area market, according to DataQuick, La Jolla, California. Even so, sales were up by 3.6 percent from last September.

The company said that, on average, home sales have declined by 11.4 percent from August to September in this market since DataQuick's statistics were first collected in 1988.

Also, for the second straight month the median sale price declined on a month-to-month basis, the company said. The median price paid for a home in the Bay Area in September was $530,000. That was down 1.9 percent from August, yet up by 23.5 percent from one year ago. The median sales price was $429,000 in September 2012.

This year, September sales were 16.2 percent lower than the long-term average for September of 8,519 home sales. A total of 7,141 new and resale housing and condos sold in the Bay Area market in September of 2013.

DataQuick reported that September sales have ranged from a low of 5,014 in 2007 to a high of 13,343 in 2003 in this market.

The median price paid for home sales in this nine-county market has increased on a year-over-year basis for 18 consecutive months. DataQuick noted that the annual price increases have exceeded 20 percent for the last 11 months.

The median home price in this market peaked at $665,000 in June/July 2007. Then it dropped to as low as $290,000 in March 2009. The median price for September 2013 was 20. …

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