SAN FRANCISCO (CBS/AP) – Home sales in the San Francisco Bay area reached a five-year high for January last month as prices and mortgage rates plunged, but many of those were so-called distressed sales.
The San Diego-based real estate tracking firm DataQuick says 5,479 homes were sold in the nine-county Bay Area. That was down nearly 27 percent from December but it was still a 10-percent improvement over January 2011.
DataQuick said the December-to-January drop is normal for the season and the January-versus-January figures show real improvement.
At the same time, the median sales price continued to drop, falling nearly 3 percent from December to $326,000 — half the peak price reached in 2007.
Foreclosure resales and short sales made up half of all sales of existing homes.
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