Bay Area August homes sales lowest since '92

A house is seen for sale on Tuesday, June 15, 2010, in Los Angeles. The median home price in Southern California last month rose 22.5 percent from a year earlier and topped $300,000 for the first time in 20 months, San Diego-based tracking firm, MDA DataQuick, reported. (AP Photo/Adam Lau)

September 20, 2010 8:37:59 AM PDT
San Francisco Bay Area home sales last month were the lowest for any August in 18 years, according to a real estate information service.

A total of 6,698 new and resale homes and condominiums were sold in the nine Bay Area counties last month, according to MDA DataQuick of San Diego. August sales have ranged from 6,688 homes in 1992 to a high of 13,940 homes in 2004.

Home sales last month decreased 1.1 percent from July and were down 10.9 percent from the 7,518 homes sold in August 2009. July home sales this year decreased 19.1 percent from June and 22.8 percent from July 2009, according to DataQuick.

Home sales last month in Solano County were down 19.9 percent compared to August 2009, the sharpest decline of the nine counties in the Bay Area. Napa County is the only county where home sales were higher last month - by 0.8 percent - compared to August 2009, according to Data Quick.

The median sale price for new and resale homes in the Bay Area last month was $385,000, a 4.2 percent decrease from July. The median price in August 2009 was $360,000, according to DataQuick.

Median home sale prices in Marin County were 9 percent lower last month than in August 2009. The median price last month in Marin County was $649,000 compared to $713,000 one year ago, according to DataQuick.

Median home prices increased in all other Bay Area counties last month compared to one year ago. The increases ranged from 1 percent in Solano County to 9.1 percent in San Mateo County, according to DataQuick.

Sales last month of homes foreclosed on in the previous 12 months accounted for 26.7 percent of the Bay Area resale market, up from 25.3 percent in July. Foreclosure re-sales in August 2009 were 34.3 percent of the market, according to DataQuick.

Bay Area foreclosure re-sales peaked in February 2009 at 52 percent. The monthly average for foreclosure re-sales in the last 15 years is about 8 percent, according to DataQuick.

Federal Housing Administration loans accounted for 24.2 percent of all Bay Area home purchase loans last month, up from 23.3 percent in July. The government-issued loans accounted for nearly 25 percent of home purchase loans in August 2009, according to DataQuick.

Last month 37 percent of all home sales were for $500,000 or more, down from 40.6 percent in July but up from 35.9 percent one year ago. The monthly average of homes sold for $500,000 or more during the last 10 years is 45.2 percent, according to DataQuick.


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