Bay Area Sales Continue To Sink

Bay Area sales data continue their downward trend. I love how it's the YoY statistics that get reported since that is about the only way now to positively spin the data. I look forward to when that trick no longer works.

"San Francisco Bay Area home sales declined on a year-over-year basis for the seventh month in a row in October, according to DataQuick Information Systems."

"A total of 10,508 new and resale houses and condos were sold in the nine-county Bay Area on a year-over-year basis, which DataQuick attributed to rising mortgage interest rates and reduced demand. That was down 6.2 percent from 11,205 for September, and down 6 percent from 11,180 for October last year, the company reported."

"Sales have been lower compared to 2004 every month since April. So far this year 107,099 Bay Area homes have been sold, 5.1 percent fewer than 112,873 for the same ten-month period last year."

"The median price paid for a Bay Area home was $614,000 last month. That was down 0.3 percent from $616,000 in September."

"Sales dropped 11 percent in Alameda County, 10.2 percent in San Mateo County, 9.2 percent in Napa County, 6.9 percent in San Francisco County, 6.6 percent in Contra Costa County, 4.3 percent in Solano County, 2.2 percent in Marin County, 1.8 percent in Sonoma County, and 1.5 percent in Santa Clara County from October 2004 to October 2005."

"Median prices increased 22.9 percent in Contra Costa County, 18.8 percent in Marin County, 18.2 percent in Sonoma County, 16.8 percent in San Francisco County, 15.8 percent in Santa Clara County, 15.7 percent in San Mateo County, 15.4 percent in Napa County, 15.3 percent in Solano County, and 14.9 percent in Alameda County from October 2004 to October 2005, DataQuick also reported."

And then there is this from the Press Democrat:

"Sonoma County home prices dipped in October for a second straight month - the first back-to-back decline in two years - with sales dropping and supplies rising as the housing market continues slowing."

"In another sign that the region's market is beginning to lose momentum, homes are staying on the block longer. Buyers, who have unflinchingly bid up prices for three years, are becoming more cautious. And sellers are lowering prices to get attention in an increasingly crowded market."

""Now prices are going to be based on the new market and not the old crazy market," said Ted Horsman, owner of Remax of Santa Rosa."

"October's median resale home price was $590,000, down from $615,000 in September and $619,000 in August, a record high. The county's median last dropped for two straight months in September and October 2003."

""The trend has come full circle. I'm starting to see clients come in under an offer price," said Darren Seliga, owner of Seliga Financial, a Santa Rosa mortgage broker. "I'm starting to hear from a lot of the first-time home buyers that lack of frenzy.""

""What we saw this month is a seasonal slowdown and the buyers stepping back," Laws said. "They're stepping back and saying 'I'm not going to pay that price, I want a better deal, I want you to fix this.' It's almost a collective mentality that happens in the marketplace.""