Home Sales Drop In Bay Area As Market Reacts To Bad Economy

SAN FRANCISCO (KCBS) – Home sales are dropping once again in the Bay Area as buyers and sellers react to the bad economic news.

Burlingame Realtor Mary Ann Teixeira with McGuire Real Estate said both potential buyers and sellers are skittish and hesitant to jump into the market.

“They’re not really sure what’s happening with the market, what’s happening with their job, what’s happening in general, so they’re very gun-shy.”

Teixeira said some are pulling back and deciding to wait to either buy or sell.

KCBS’ Doug Sovern:

Andrew LePage with Dataquick said that’s one of the reasons Bay Area home sales dropped 14% from June to July, a figure that’s double the normal summer dip.

However LePage points out that sales were up slightly last month compared with the same period a year ago.

“That’s one of the few shreds of good news in all of this is that sales volume isn’t a lot worse than a year ago. Of course prices have come down in many areas since then. The median sales price across the nine-county Bay Area was down 7% year-over-year.”

The median home price in the Bay Area is now $374,000.

LePage expects the numbers to get worse as the impact of this month’s stock market slump sinks in and shows up in the next two monthly reports.

(Copyright 2011 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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