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San Francisco Bay Area Home Sales Drop, Prices Remain Stagnant

San Francisco, CA (PRWEB) June 15, 2007 -- HomeGuide123 (http://homeguide123.com), a leading online information resource for home remodeling, real estate, home mortgages and home services, released its monthly San Francisco Bay Area Housing Report, detailing April home sale activity, foreclosure activity and median home price changes in the nine-county San Francisco Bay Area.

Double-digit sales declines
Sales activity in the San Francisco Bay Area is reportedly at the lowest point seen in 12 years. Throughout the entire area, sales fell 18.4 percent compared to the same time last year. Declines were worst in Contra Costa (-28.2 percent), Solano (-27.2 percent) and Napa (-20.4 percent). Sales were best in San Francisco, falling only 3.9 percent.

Flat home prices
Although modest price gains were evident in some counties within the San Francisco Bay Area, prices remained relatively flat. The largest year over year change occurred in Marin County, where the median home price rose 8.8 percent from $850,000 to $925,000. On the other end of the spectrum, prices declined 8.5 percent in Sonoma County, making the new median $519,000.

The Bay Area housing markets that had price drops in April have been on the decline for several months. Some of the price declines are being attributed to the high number of foreclosures in these areas, particularly in Sonoma County.

Surging foreclosure activity
Foreclosure activity in the San Francisco Bay Area is at the highest level seen in ten years. In a year over year comparison, foreclosure filings increased 160 percent in the first quarter of 2007 compared to the first quarter of 2006.

Filings increased 225.5 percent in Contra Costa County, 210.9 percent in Solano County, and 179.8 percent in Alameda County. Only three counties in the nine-county San Francisco Bay Area region had an increase under 100 percent. Foreclosure activity was lowest in Marin County, where filings rose 55.3 percent.

Note to Editors: The full San Francisco Bay Area Housing Report (http://homeguide123.com/articles/San_Francisco_Bay_Area_Housing_Market_Update.html) can be found in the Housing Market Watch (http://homeguide123.com/article_directory/Housing_Market_Watch.html) section of HomeGuide123.com.

About HomeGuide123.com:
HomeGuide123.com is one of the largest home information databases on the web, and a news resource for many notable housing blogs, media outlets and everyday homeowners. Whether you are researching home buying, or home remodeling and home improvement ideas, HomeGuide123.com has original articles, news releases and a complete library of expert home improvement videos to help guide you through the process.

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