Bay Area home sales pick up as prices fall

This article was originally on a blog post platform and may be missing photos, graphics or links. See About archive blog posts.

As prices fell, Bay Area home sales picked up in September from the same month a year prior.

Sales were up 6.6% from the same month a year ago. As is typical, sales fell from August to September, down 10.2%, to total 6,749 homes sold last month, according to real estate research firm DataQuick of San Diego.

The median price for the region fell 7.6% from the same month a year prior and was down 1.4% from August, hitting $365,000.The median is the point at which half the homes in the region sold for more and half for less.

Foreclosures and other so-called distressed properties remain a big part of the market. Foreclosures accounted for 25.6% of the resale market last month, down from a revised 25.7% in August and 27.5% in September 2010.

Short sales -– when the home is sold for less than the outstanding debt on the property -– made up 20.1% of the Bay Area market last month. That was up from 18.2% of August and 15.4% in September 2010.

RELATED:

California bows out of probe of mortgage lenders

Kamala Harris a key player in settlement over mortgage crisis

Kamala Harris explains decision to exit mortgage settlement talks

-- Alejandro Lazo
Twitter.com/alejandrolazo