Slow Sales Send Bay Area Home Prices Lower
SAN FRANCISCO (AP) - The San Francisco Bay Area's median home price dipped 1.8 percent last month to $380,000 from $387,000 in November 2009, as slow sales in the region's higher-priced markets tipped the balance toward cheaper homes, a tracking firm said Thursday.
San Diego-based MDA DataQuick reported that the median in the six-county region was also down 0.8 percent from $383,000 in October.
The firm said that home sales fell 11.2 percent from 6,878 in November 2009 to 6,111 last month. Last month's sales volume was nearly identical to October's.
DataQuick president John Walsh said the area's better-off home shoppers seemed to be waiting on the sidelines, keeping the most expensive properties off the market.
"If you're buying or selling in the upper half of the market, it's self-evident that you're more able to put your move on hold," he said. "Clearly, Bay Area buyers and sellers who can wait this market out are doing just that."
The firm said 33.7 percent of last month's sales were for homes costing less than $500,000, the lowest portion since February when just 32.8 percent of sales reached that threshold.
Over the last decade, an average of 46.8 percent of all November home sales were for more than $500,000.
The portion of sales involving previously foreclosed-upon homes rose for a fourth consecutive month from 28.6 percent in October to 29.2 percent last month. Foreclosure sales were down from 31.9 in November 2009.
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