Bay Area home prices still in free fall
Bay Area home values plummeted to an eight-year low in November, as discounts on foreclosed properties continued to draw buyers and drive down prices.
The median for the nine-county region fell to $350,000, a 44.4 percent drop from a year ago and the lowest level since September 2000, according to MDA DataQuick. The median means half of homes sold for more than that amount, half for less.
Nearly 50 percent of the properties that sold during the month had been repossessed in the last year, the San Diego real estate research firm said. Among all home types, 5,756 traded hands in November, up 12.3 percent from a year ago. Transactions were down 24.4 percent from October, in part because there were fewer than normal business days last month.
Because foreclosures are swaying prices so much, values continue to hold up better on a relative basis in the coastal markets that have had fewer repossessions. San Francisco saw the smallest year-over-year decline in its median, although it was still a significant drop: 20.5 percent to $648,000. The hardest hit county was Contra Costa, where prices sank 49.9 percent to $265,000.
Perhaps that should be the new term – instead of Real Bay Area, Coastal Bay Area.
Contra Costa – they really should just change the name to “Contra Money”