May Bay Area home sales drop,
By Erica Holt, Bay City News Service
June 21, 2006
Home sales have continued to slow in the Bay Area as prices continue
to edge up, according to a report released today. DataQuick Information
Systems, a real estate information service, reported home sales
declined for the 14th month in a row in May, the slowest May since
After many housing boom years, the Bay Area market is rebalancing
and median prices are expected to continue rising gradually, according
to John Karevoll, a DataQuick spokesman.
He said he "expects these trends to continue at least through
summer, maybe fall.''
The median price paid for a Bay Area home hit a new record of
$631,000 in May. That is an increase of .5 percent from April's
$628,000 and up 6.1 percent from last May's $595,000, according
Marin, San Francisco and San Mateo Counties top the list of median
home prices for May at $796,000, $767,000 and $752,000 respectively.
A total of 9,064 new and resale Bay Area homes and condos were
sold in May, a 19.8 percent decrease from 11,308 for last May.
However, sales increased 8.4 percent from 8,358 in April, DataQuick
DataQuick found that indicators of market distress are generally
absent from the Bay Area housing market. The use of adjustable-rate
mortgages has fallen over the last five months, foreclosure rates
are rising but still below normal levels and down payment sizes
DataQuick monitors real estate activity throughout the United
States and provides information to consumers, lending institutions,
industry analysts and public agencies.
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