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Bay Area home sales dip in July

Home prices dipped in July in the Bay Area as potential buyers and sellers took time out to ponder dreary economic reports and a budget standoff in Washington, a real estate information service said.

Sales fell more than usual from June -– especially for homes above $500,000 -– but edged higher than July last year, according to DataQuick.Sanfran

“We’re still looking at a dysfunctional market. Distribution curves are lopsided, bottom-feeding is still prevalent and the lending market is just plain weird, said DataQuick President John Walsh. “We’re off bottom by all metrics, but far from anything resembling normal.”

The median price -- the point at which half the homes sold for more and half for less -- paid for all new and resale houses and condos sold in the Bay Area last month was $374,000, down 1% from June and down 7% from July 2010. The June median was the highest this year, while the July median was the second-highest.

A total of 6,887 new and resale houses and condos sold in the nine-county Bay Area last month. That was down 13.9% from June and up 1.7% from July 2010.

Counties tracked in the Bay Area are Alameda, Contra Costa, Marin, Napa, Santa Clara, San Francisco, San Mateo, Solano and Sonoma.

 -- Roger Vincent

Photo: San Francisco. Credit: Getty Images

 

 

 
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