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Millionaire Now! by Larry NusbaumThis blog is based on the organizational principles found in my new book, "Millionaire Now! - A Financial Toolbox with Seven Steps to Wealth". |
Dataquick: Bay Area Home Prices Decline, Sales At Five-year Low
Posted on 12/15/2006 05:16 AM | Link | Post Comment
Bay Area home prices weak, too:
DataQuick says today ...
"Bay Area home prices dipped below year-ago levels in November for the second time in three months as sales held steady at a five-year low. ... The median price paid for a home in the nine-county Bay Area was $616,000 in November. That was 0.3 percent higher than $614,000 in October but down 1.4 percent from $625,000 in November last year. ... Last month's median was 4.3 percent below the $644,000 June peak."
Quote: "Right now it looks like the Bay Area market is settling in on a price level that could last until spring. What happens after that depends on broader economic factors including interest rates, job growth and household incomes. As prices stabilize and sellers get real about asking prices, a lot of the fence-sitters will jump in. We could see a moderate increase in sales counts." -- Marshall Prentice, DataQuick president.
To read more CLICK HERE.
A total of 7,204 new and resale houses and condos sold in the Bay Area last month. That was down 9.7 percent from 7,979 sales in October, and down 25.9 percent from 9,717 in November last year. A decline from October to November is normal for the season.
Last month's sales count was the lowest for any November since 2001, when 6,644 homes sold. Since 1988, November sales have ranged from 5,579 in 1994 to 10,897 in 2004.
DataQuick says today ...
"Bay Area home prices dipped below year-ago levels in November for the second time in three months as sales held steady at a five-year low. ... The median price paid for a home in the nine-county Bay Area was $616,000 in November. That was 0.3 percent higher than $614,000 in October but down 1.4 percent from $625,000 in November last year. ... Last month's median was 4.3 percent below the $644,000 June peak."
Quote: "Right now it looks like the Bay Area market is settling in on a price level that could last until spring. What happens after that depends on broader economic factors including interest rates, job growth and household incomes. As prices stabilize and sellers get real about asking prices, a lot of the fence-sitters will jump in. We could see a moderate increase in sales counts." -- Marshall Prentice, DataQuick president.
To read more CLICK HERE.
A total of 7,204 new and resale houses and condos sold in the Bay Area last month. That was down 9.7 percent from 7,979 sales in October, and down 25.9 percent from 9,717 in November last year. A decline from October to November is normal for the season.
Last month's sales count was the lowest for any November since 2001, when 6,644 homes sold. Since 1988, November sales have ranged from 5,579 in 1994 to 10,897 in 2004.
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