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    SF Bay Area home sales cool amid economic jitters

    AP – Tue, Aug 16, 2011

    SAN FRANCISCO (AP) — The San Francisco Bay area housing market cooled last month amid growing economic uncertainty, a real estate tracking firm reported Tuesday.

    Bay Area home sales fell 13.9 percent from June to July, with a total of 6,887 houses and condos changing hands, according to San Diego-based MDA DataQuick. Home prices on average fall 6.8 percent from June to July.

    Sales of homes costing more than $500,000 dropped 25.4 percent, while sales of less expensive ones fell 17.1 percent, DataQuick said. Sales of many lower-end homes were fueled by government insured FHA home loans that require low down payments.

    DataQuick says the median home price in the nine-county Bay Area dipped 1 percent to $374,000, which is 7 percent lower than July 2010.

    DataQuick President John Walsh attributed the drop in home sales to economic uncertainty in July, when potential buyers and sellers watched the political drama over the debt ceiling unfold in Washington.

    "There was a lot of uncertainty out there over the economy, home prices and the nation's future," Walsh said. "And that was before the stock market turbulence hit in early August."

    July home sales were 1.7 percent higher than July 2010, the first full month after the expiration of federal homebuyer tax credits.

     

    1 comment

    • DUB
      DUB  •  9 mths ago
      Liberal policies lead to disasterous real estate problems in California. It's so predictable!
     Post a comment
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