San Francisco Bay home sales fall in February

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SAN DIEGO (AP)

A research firm says low inventories sent San Francisco Bay area home sales to the lowest level for any February in six years.

DataQuick said Thursday that just under 5,000 new and existing houses and condominiums sold in the nine-county region, down 8 percent from February 2013.

The median sales price was $540,000, up 3 percent from $525,000 the previous month and up 33 percent from $405,000 a year earlier. The median sales price has risen from year-ago levels for the last 23 months, including the last 16 months with annual gains above 20 percent.

DataQuick says it’s still waiting for the huge price increases to translate into more homes on the market. It says lack of affordability and difficulty getting mortgages are also limiting sales.

(Copyright 2014 Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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