The median price paid for a Bay Area home slipped below $500,000 for the first time in more than four years as potential buyers waited on the sidelines for prices to drop even lower.
The median price fell to $485,000 last month, down 6.2 percent from May’s $517,000, and 27.1 percent below the $665,000 median price in June 2007, according to a new report from DataQuick.
Last month’s median price was the lowest since March 2004, when it stood at $469,500, shortly before it surpassed the half-million mark in May of the same year.
The median price has fallen for seven consecutive months on a year-over-year basis, thanks to both home price depreciation and a shift towards more lower-end sales in inland regions.
The four most expensive counties in the Bay Area; Marin, San Mateo, Santa Clara, and San Francisco, accounted for a combined 42 percent of sales, down from 49 percent a year earlier.
A total of 7,178 new and resale homes and condos sold in nine Bay Area counties last month, up 15.5 percent from 6,216 in May, but down 9.9 percent from 7,964 in June 2007.
It was the second-slowest June on record since the company began collecting data in 1988.
As with SoCal, foreclosure resale activity was strong, accounting for 28.7 percent of all Bay Area resales in June, up from just 3.5 percent a year ago.
Jumbo mortgage financing accounted for 28.8 percent of June sales, down from nearly 65 percent of all Bay Area purchase loans a year earlier.
(photo: herruwe)
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