Bay Area Home Sales Rebounding

Home Prices Stabilizing?

Bay Area home buyers were more active in March than the previous two months as prices continue to drop.

That's according to an organization that monitors real estate data.

Reports say the drop in the median price for a home is from $295K in February to $290K in March.

That's a difference of $5K and significantly less than in previous months.

Economic experts say that is exactly what they were looking for as a sign of a possible turn around.

MDA DataQuick, a San Diego-based real estate information service also believes this means the market might be near its price bottom.

The number of new and resale houses and condos that closed escrow in the Bay Area's nine counties in March was just over 6,300, up 25.7 percent from February's total of more than 5,000.

The drop in the median price overstates the decline in the value of the typical Bay Area home as statistics show sluggishness in sales of high-end homes, according to DataQuick.

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