The Bay Area’s housing market couldn’t shake off a slump in February with sales flat and prices falling.
The region’s median home price of $337,250 was down 0.2% from the month before and down 4.7% from February 2010, according to San-Diego based DataQuick Information Services. The median has fallen year-over-year for five consecutive months after 12 months of annual gains.
Home sales were up 0.5% from January but down 0.9% from February 2010. A total of 4,991 newly built and previously owned houses and condos sold in the nine-county Bay Area last month.
Distressed sales — foreclosures and so-called short sales, where a bank allows a troubled borrower to sell a home for less than the outstanding mortgage debt — accounted for just over half of the Bay Area’s resale market last month.
— Alejandro Lazo