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March 13, 2008

I Hate to Say I Told You So.... But I Told You So...

Home sales, prices continue slide

For those of you who get your news and information solely from the San
Francisco Chronicle it must be tough. Just a few days ago, I said on this
blog:

"If you believe everything you read, then you might believe a story the
Chronicle just published. The paper pointed out the real
estate market here is the city was just fine. "Superstar cities defy
downturn" was the headline...That's an odd thing to say considering
the only stories I can remember in the past year in the Chronicle have
talked about the slowing sales, dropping prices and how much worse the
market can get in the Bay Area."

In classic Chronicle style the paper returned with this story
Thursday...

"Bay Area homes sales experienced another sluggish month in February
and the median price dipped. Both were hammered by the credit crunch
and an ongoing game of chicken between buyers and sellers, according
to a real estate information report released Thursday.

The total number homes sold in the nine counties that border the bay
dipped below 4,000 for the second month in a row, according to
DataQuick Information Systems, a La Jolla research group. In February,
3,989 new and resale houses and condos changed hands, down 36.7
percent from 6,305 from February 2007.

The median price was $548,000, down 11.6 percent from $620,000 a year
ago, an a 17.6 percent drop from the peak median of $665,000 last June
and July."

Now that I'm done patting myself on the back, I ask you, who can you
believe? =

Posted by Jeff Brooks on March 13, 2008 10:17 PM | Permalink

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