San Francisco Bay Area Home Prices Fall as Distressed-Property Sales Gain
San Francisco Bay Area home prices fell 4.3 percent last month from a year earlier as distressed properties made up a greater share of sales, DataQuick said.
The median paid in the nine-county region declined to $363,500 from $380,000 in November 2010, the San Diego-based research firm said today. Prices rose 3.9 percent from October.
A slow-growing economy and limited loan availability hampered home sales in the Bay Area last month, according to DataQuick President John Walsh.
“Interest rates may be at record lows, but the types of mortgages that are available have been drastically reduced and qualifying is a true grind,” Walsh said in a statement. “Many potential buyers and sellers appear to be in a frame of mind that says, ‘When in doubt, don’t.’”
A total of 6,317 houses and condominiums sold in the Bay Area last month, down 2 percent from October and up 3.4 percent from November 2010. Homes that sold for $500,000 or more accounted for 31 percent of deals, little changed from October and down from 37 percent a year earlier, DataQuick said. Sales of foreclosed homes and other distressed properties, which typically are discounted, made up almost 48 percent of transactions, up from 45 percent in October and 47 percent in November 2010.
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