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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.

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 This material may not be published, broadcast, rewritten, or redistributed.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

  • Bloodhounds

    Thanks dubya!

  • David Maxwell

    No, thank you Bill Clinton, Fannie Mae, Freddie Mac, Barney Frank, Jimmy Carter and the rest of the hooligans that gained political traction by awarding easy credit to undeserving applicants. You better get that nose checked Bloodhounds.

    • moi

      clinton ‘s legacy left a BUDGET SURPLUS when Bush took office – 9/11 happened on George Bush’s ‘watch’ – Bush left thousands of Americans dead and maimed a record deficit and Bush set the mortgate meltdown … that’s history – not your pointless prattle

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