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Bay Area Home Prices Dip

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A home for sale in San Francisco

A sign is posted in front of a home for sale in San Francisco. (Justin Sullivan/Getty Images)

SAN FRANCISCO (KCBS/AP) — The San Francisco Bay Area’s median home price dipped more than 1 percent last month to $375,000 from $380,000 in December 2009, as low-priced foreclosures and other distressed properties continued to dominate the market.

 

KCBS’ Doug Sovern Reports:

San Diego-based MDA DataQuick said Thursday that the median in the nine-county region was also down from $380,000 in November.

Home sales fell about 8 percent from around 7,800 in December 2009 to about 7,200 last month. But last month’s sales jumped almost 18 percent from around 6,100 in November.

The firm says that about 33 percent of last month’s sales were for homes costing more than $500,000, down from a December average of almost 45 percent over the past decade.

Foreclosures accounted for about 31 percent of last month’s sales.

(© 2011 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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