Monday, November 24, 2008

Bay Area median home price plummets 41 percent

Despite an increasingly uncertain economy, thousands of homebuyers around San Francisco Bay kept snatching up foreclosed homes last month, dragging down the median home price by 41 percent from a year ago, a real estate tracking firm said Thursday.

The median home price in the nine-county region plunged to $375,000 in October, compared with $631,000 in the year-ago period, according to San Diego-based MDA DataQuick.

Last month's median price was down 6.3 percent from September and nearly 44 percent from the peak median of $665,000 in the summer of 2007.

This nine Bay Area counties area news does nothing to shake sellers in most wanted areas. There are no houses with affordable prices, in the neighborhoods you would most likely want to move your family to. Sellers on the neighborhood with good schools don't care and won't budge on their price. They will simply rent it out rather than bargain on price. If you want a "deal" in Bay Area, you know what neighborhoods you have to go to!

1 comment:

Anonymous said...

200 has really been a very bad year for all types of markets, be it any, it is one of those years that have forced people to beg especially in Real estate sector, I hope things will turn around coming year 2009!