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Bay Area Home Prices Dropped Sharply In May

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San Francisco Homes For Sale

Real estate signs are posted in front of homes for sale in San Francisco. (Justin Sullivan/Getty Images)

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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.

(Copyright 2011 by CBSSan 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 This material may not be published, broadcast, rewritten, or redistributed.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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