San Francisco Bay Area Home Sales Soar

September sales show biggest annual jump since 2002

Tuesday, Oct 21, 2008  |  Updated 12:19 PM PDT
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San Francisco Bay Area Home Sales Soar

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A for sale sign is posted in front of a home for sale February 14, 2008 in San Francisco, Calif.

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A real estate tracking firm says home sales in a nine-county region around San Francisco Bay soared 45 percent in September from a year ago, fueled by sharp discounts on foreclosed homes and other properties.

Figures released Tuesday by MDA DataQuick show the median sale price in the region plunged to $400,000 in September -- nearly 40 percent below the peak median of $665,000 in the summer of 2007.

Last month's median was 36 percent lower than the $625,000 figure a year ago.

September's sales represent the biggest annual jump since April 2002.

Foreclosure resales accounted for nearly 42 percent of preowned homes sold last month. In all, 7,271 homes were sold. That's essentially flat from August's sales.

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