San Francisco Bay Area Home Prices, Sales Are Flat

SAN FRANCICO (CBS/AP) – San Francisco Bay area home prices and sales remain flat as “short sales” and sales of foreclosed homes accounted for more than half of home resales in the region.

San Diego-based DataQuick Information Systems said Thursday that the median price paid in the nine-county region dipped 0.2 percent to $337,250 in February. That’s down from January’s median of $338,000.

Median prices remain down about 10 percent from $375,000 in December.

Home sales in February rose a half-percentage point to 4,991 from January sales, but that’s still about 31 percent lower than the 7,200 sold in December.

Meanwhile, the firm reports both the percentages of absentee investors buying homes and buyers paying all cash are the highest on record. DataQuick’s analysts said traditional homebuyers are waiting to see whether prices have bottomed out.

(Copyright 2011 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. Wire services may have contributed to this report.)


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