San Francisco Bay home sales slide in November

San Francisco Bay area home sales slide in November amid tight supplies; prices rise

Associated Press

SAN DIEGO (AP) -- A research firm says San Francisco Bay area home sales slid last month amid tight supplies, while prices increased.

DataQuick said Tuesday that there were 6,659 homes sold in November, down 11 percent from the same period last year.

The median sales price in the nine-county region was $550,000, up nearly 26 percent from the same period last year. The median price rose 2 percent from October.

Lack of inventory is keeping a lid on sales. The California Association of Realtors says the San Francisco Bay area had only 2.3-month supply of unsold homes in November. Supply in a normal market is considered five to seven months.

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