Bay Area Home Prices Cool As Inventory Creeps Higher
SAN FRANCISCO (CBS/AP) – A research firm says San Francisco Bay area home prices cooled last month as inventories grew and investor interest declined.
DataQuick said Thursday that the median sales price for new and existing houses and condominiums was $530,000, up nearly 24 percent from the same period last year. It was the 11th straight month of annual percentage gains above 20 percent, but the second straight decline from the previous month after peaking at $562,000 in July.
There were more than 7,100 homes sold in the nine-county region, up nearly 4 percent from September 2012.
The California Association of Realtors says there was a 2.8-month supply of unsold homes in the San Francisco Bay area in September, up from 2.4 months in August.
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