Quote:
Originally posted by dtb
Is the real estate section of the newspaper lying too?
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A total of 11,470 homes and condominiums were sold in the nine-county region last month, down 11.9 percent from June and down 10.8 percent from July of 2004, according to DataQuick Information Systems.
"No records were set last month. Does that mean the market is turning, probably not," DataQuick President Marshall Prentice said. "Sure, July was the first month this year that Bay Area home prices didn't reach a new peak but more important than reaching new heights is how sustainable the market is. Right now things are looking pretty good."
The median home price in June was $606,000, down 0.7 percent from June and up 17.9 percent from July 2004. The typical monthly mortgage payment for Bay Area buyers was $2,652 in July, up from $2,651 in June and 2,361 in July 2004.
Indications of a downturn remain largely absent. Foreclosure rates are low, down payment sizes are stable and there have been no significant shifts in the market mix, according to DataQuick.
Marin County had the highest median home price in the Bay Area at $806,000 and Solano County had the lowest at $450,000.
reported as of August
