San Francisco: Home Sales Up, Home Prices Fall

HousingWire reports from San Francisco that while the number of houses sold increased Sept. 2010 to Sept. this year by 6.6 percent, the usual Aug.-Sept. seasonal drop in home prices was 10.2 percent. John Walsh, president of DataQuick says what’s interesting is what is not happening. He says, “While there has been a lot of talk about shadow supply, especially distressed properties that haven’t been put on the market, demand continues to accumulate. Empty-nesters want something smaller, growing families want something bigger. People still die, they get married, retire – all of this generates demand. And only a fraction of that demand is being met in today’s market.” The median sale price of condos, new, and resale homes dropped Sept. 2011 over 2010 7.6 percent to $365,000. 25.6 percent of all resales in September were foreclosures, while short sales accounted for 20.1 percent. FHA home purchases of resales accounted for 21.8 percent, down from 24.41 percent last Sept.

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