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Slow Growth on Home Sale Prices Reported in S.F. Bay Area |
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Written by Mabelle
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Thursday, 27 April 2006 |
Sales prices on San Francisco are no longer increasing compared to the fast pace it once had on the previous years. Today, buyers let condos and houses to remain unsold in the market.
DataQuick, a real estate firm, reported that March showed that house prices increased by less than 10%. This is the first time since 2004. A single-family home has a current median price of $655,000 in 9 county areas. This shows that there is an increase of 8.3% compared to the results of last year.
On the other hand, there is a decline on the number of condos and houses that are being sold. This has been consistent for 12 consecutive months. It has been reported that the rise in the interest rates on mortgages has contributed to this and affected the spending power of many buyers.
Market analysts say that the rental and home buyer markets are moving toward each other after many years of soaring prices on sales and rents. |
