Bay Area Home Sales Prices Dropped by 23%

November 18, 2010 / Russell Legato, Residential Property Analyst

Home sales prices in Bay Area, California fell more than 20 percent for the month of October 2010, as the end of tax incentives restrained purchases and unemployment rates are high. The home sales prices report was according to MDA DataQuick, a leading source of real estate information solutions that is based in San Diego.

Bay Area Home Sales Prices Dropped by 23%

The median home sales prices for housing and condominium dropped by almost 2 percent, which is $383,000, the first yearly decline since the month of September 2009.

According to the real estate data firm, home sales prices in Bay Area fell about 23 percent, and it said to be the second lowest mark for a month of October, since the data firm started to record the figures in 1988.

The president of MDA DataQuick John Walsh said the real obstacle to achieving the normal home sales prices are the lack of stable job growth, and the concerns of numerous potential buyers concerning job security, as well as for the overall economy.

Walsh also added that the super-low mortgages are not enough to turn things around in the housing market, as well as the strict lending standards for more luxurious properties contributed to the down fall of home sales.

To increase the stats in the housing market, there should be a combination of affordability and a brighter economic projection, as well as a development in terms of access to credits and loans for luxury homes, Walsh said.

Home sales prices statewide fell by 32,669, which is about 21 percent from earlier last year for the month of October 2010.

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