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 This material may not be published, broadcast, rewritten, or redistributed.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.)

  • Judy L.

    Wish those home prices would drop in the City and Coiunty of San Francisco where the median price is more than double the region’s median!

  • Zak

    I truly wonder the accuracy by such organizations like DataQuick. There is much information they do not get. For instance, Condo sales in SF are beyond flat!! Unless DQ & others talk directly with HOAs and Management Cos, the overall picture is skewed. I’m on the Board of an HOA in SF. We have 1-bedrooms down @ $225K and NO hits. Condos have also been hit twofold because there are more disproportionally on the market on Short Sale, then Queen Anne or Victorian homes.

    The larger problem is while Banks are foreclosing on homes, they are NOT foreclosing on Condos. Why? They don’t want to pay the HOA fees while the property sits empty on the market. Our Association is faced with several units in collections or lien status; even some foreclosed by the HOA. Yet, the bank, being the primary lien holder has first right to foreclose. Even when the owner has defaulted on the loan, the bank has filed a lien, the banks role back the foreclosure sale month after month. The Association looses $1000s in lost dues leaving solvent members to make up the loss.

  • Gabe

    Who cares what happens to the HOA’s?? Just a bunch of pwer hungry morons who have totally warped the intent of the organization.

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