DQNews Archived Article

Bay Area Home Sales Level Off

by Real Estate Analyst John Karevoll
September, 1998

La Jolla, CA.— Bay Area home sales and prices continued to rise in August, although at a more moderate rate than earlier this year, a real estate information service reported.

A total of 6,423 resale houses were sold in the nine-county Bay Area in August (see chart). That was down 17.5 percent from 7,787 for the month before, and up 2.8 percent from 6,251 for August last year, according to DataQuick Products Division.

The July sales count of 7,787 was the highest since 7,827 resale houses were sold in September 1988. Sales have increased on a year-over-year basis for 36 of the last 37 months.

"June and July were pretty hectic, the August sales pace was a lot more manageable. The real estate industry can catch its breath now as things quiet down for the fall season," said Mike Ela, leader of DataQuick Products Division.

"Price increases are expected to continue in areas with small to mid-sized homes. The increases will probably level off somewhat in high-cost areas," he said.

DataQuick Products Division monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts.

The median price for a resale house in the Bay Area was $276,000 in August. That was down 1.4 percent from $280,000 in July and up 6.2 percent from $260,000 for August a year ago. Much of the 'decline' from July to August can be attributed to a shift in market mix due to a surge in sales activity in affordable North Bay communities, DataQuick reported.

Resale houses

	No Sold	No Sold	Pct.	Median	Median	Pct.
	Aug-97	Aug-98	Chng.	Aug-97	Aug-98	Chng.
Alameda	1,214	1,249	2.90%	$224K	$250K	11.60%
Contra Costa	1,200	1,195	-0.40%	$232K	$225K	-3.00%
Marin	334	356	6.60%	$340K	$376K	10.60%
Napa	115	134	16.50%	$185K	$203K	9.70%
San Francisco	361	370	2.50%	$310K	$321K	3.50%
San Mateo	639	602	-5.80%	$350K	$364K	4.00%
Santa Clara	1,463	1,329	-9.20%	$305K	$352K	15.40%
Solano	394	489	24.10%	$138K	$159K	15.20%
Sonoma	531	699	31.60%	$201K	$215K	7.00%
Bay Area	6,251	6,423	2.80%	$260K	$276K	6.20%

Source: DataQuick Information Systems

Media Inquiries: John Karevoll (909)867-9534

Copyright © 1998 DataQuick Information Systems.
All rights reserved.

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