NorCal median home price plummets 41 percent
A real estate tracking firm says the median home price plunged 41 percent last month in a nine-county region around San Francisco Bay, as homebuyers snapped up homes that had been foreclosed and otherwise discounted.
Figures released Thursday by MDA DataQuick show the median sale price in the region declined to $375,000 October, compared to $631,000 in the year-ago period.
October’s median was down 6.3 percent from September and nearly 44 percent below the peak median of $665,000 in the summer of 2007.
Last month’s home sales climbed nearly 39 percent from a year ago to 7,613 and nearly 5 percent from September.
Foreclosure resales accounted for nearly 45 percent of preowned homes sold last month.
Bay Area H8ters will probably celebrating this news and throwing it in our face. But let’s be clear, this refers to the 9-county region in Northern California. I can’t even name all 9 – can you?
Come on folks, please write letters to the editor explaining to them the concept fo the Real Bay Area. It’s all about (most of) Santa Clara, (some of) San Mateo, and San Francisco county.