Bay Area Home Prices Dropped Sharply In May
SAN FRANCISCO (CBS/AP) - The Bay Area's median home price fell more than 9 percent last month to $372,000 from $410,000 in May 2010, the region's sharpest year-over-year drop in nearly two years.
San Diego-based MDA DataQuick said Wednesday that the share of sales involving distressed properties and other lower-priced homes was helping pull the median down.
The median in the nine-county region was up about 3 percent from April.
Home sales dropped more than 15 percent from around 8,300 in May 2010 to about 7,000 last month.
Sales were up about 3 percent from around 6,800 April.
Foreclosures accounted for about 27 percent of last month's sales, some three times the monthly average of 9 percent over the last 15 years.
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