Bay Area home sales sluggish, prices continue to slip
PDT SAN FRANCISCO — Bay Area home sales stagnated in August as the median price continued to drop under the weight of bargain-priced foreclosures, according to a real estate report released Thursday.
In the nine-county region, a total of 7,232 new and resale homes and condos changed hands in August, according to MDA DataQuick of San Diego. That was down 0.9 percent from last August, and down 4.7 percent from the prior month. It was the slowest August since 1992.
A total of 36.1 percent of all resold homes had been foreclosed upon in the past 12 months, compared to 4.4 percent a year ago, MDA DataQuick said.
The median price dropped 31.8 percent to $447,000, compared to $655,000 a year ago. It now stands at the lowest point since January 2004 when it was $440,000.
Sounds gloomy until you realize that this is about the Bay Area – not the Real Bay Area. Proof:
As has consistently been the case, counties with the most foreclosures saw the most sales activity and the biggest drops in prices. Contra Costa County sales rose 35.5 percent, to 1,733 compared to 1,279 last August. The median price plunged 42.1 percent to $330,000 from $570,000 a year ago. More than half – 54.4 percent – of Contra Costa resale homes were foreclosures, MDA DataQuick said.
Contra Costa? East Bay? Seriously! That’s totally flyover country. Might as well be Ohio or Detroit.
Typical Main Street Media (MSM) reporting.