Home sales drop to 5-year low / Steep decline sparks debate over whether the Bay Area real estate boom is over
Home sales drop to 5-year low / Steep decline sparks debate over whether the Bay Area real estate boom is over
Despite a record for Bay Area home prices in April, sales tumbled to their lowest level in five years as a chill continued to creep through the region’s housing market.Experts remain split on whether the slower rate of appreciation and softer demand during what is typically a robust sales season signal a pause or the beginning of prolonged slowdown in a sector that has bolstered the region’s economy and vastly increased wealth for many homeowners in the past few years.
The median price for a single-family home in the nine counties last month was $664,000, up less than 7 percent from a year ago, and just above the previous record of $656,000 in autumn, according to real estate information firm DataQuick.
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