Bay Area, California Home Sales Plunge
Home sales in the San Francisco Bay area plunged nearly 11 percent last month from the previous year to reach their lowest level for an August in 18 years, according to a tracking firm.
San Diego-based MDA DataQuick said Thursday that the drop from about 7,500 homes in August 2009 to around 6,700 homes last month came as some potential buyers worried about job security, while others waited to see if prices would fall further.
The firm says last month was the slowest August since 1992, when just under 6,700 homes sold. However, the year-to-year decline was less sharp than in July, when sales plummeted nearly 23 percent.
Last month's sales were also down about 1 percent from around 6,800 in July.
The median home price in the San Francisco Bay area rose about 7 percent last month from August 2009, reaching $385,000.
DataQuick reported home sales across California dropped 14 percent in August from the previous year.
The drop from about 39,800 homes in August 2009 to around 35,200 homes last month came as some potential buyers worried about job security, while others waited to see if prices would fall further, according to the firm.
However, the year-to-year decline was less sharp than in July, when sales plummeted nearly 22 percent.
Last month's sales were also down about nearly 3 percent from around 35,200 in July.
California's median home price was $260,000 in August, up about 4 percent from $249,000 a year ago but down 3 percent from $268,000 in July.
Foreclosures comprised some 36 percent of resales last month, down from nearly 43 percent a year ago.
