Bay Area Home Prices Level Off.Business Editors/Real Estate Writers LA JOLLA La Jolla (lə hoi`yə), on the Pacific Ocean, S Calif., an uninc. district within the confines of San Diego; founded 1869. The beautiful ocean beaches, in particular La Jolla shores and Black's Beach, and sea-washed caves attract visitors and , Calif.--(BUSINESS WIRE)--Oct. 24, 2000 Bay Area home sales remained at near record levels in September September: see month. , the result of a robust regional economy and growing demand. There are indications that prices may be leveling off, a real estate information service reported. A total of 6,769 resale resale n. selling again, particularly at retail. In many states a "resale license" or "resale number" is required so that the state can monitor the collection of sales tax on retail sales. RESALE. houses were sold in the nine-county Bay Area last month. That was down 9.8 percent from 7,501 in August, and down 1.8 percent from 6,892 for September a year ago, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. DataQuick Information Systems. The decline from August to September is normal for the season. Last month was the third-strongest September in DataQuick's statistics, which go back to 1988. In September of 1988 the sales count was 7,827. So far this year 57,220 resale houses have been sold, 6.3 percent fewer than 61,086 for the first nine months of last year. "Home buyers are doing the math, and while price is a big part of the equation, so are mortgage interest rates. While Bay Area buyers can obviously still buy, they're they're Contraction of they are. they're be closer to their financial edge than buyers in the rest of the state. A jump in interest rates or another surge See power surge. SURGE - Sorter, Updater, Report Generator, Etc. IBM 704, 1959. Sammet 1969, p.8. in prices would bump a lot of potential Bay Area buyers out of the market," said Mike Ela, DataQuick's president. The median price paid for a resale house in the Bay Area was $371,000 last month. That was down 0.5 percent from $373,000 for August, and up 22.0 percent from $304,000 for September last year. A spring jump in prices moved the median from $358,000 in April to $370,000 in May. It has been at roughly that level since and last month was the first of this year where the median did not set, or equal, a record. DataQuick, a business unit of Vancouver-based MacDonald Dettwiler MacDonald, Dettwiler and Associates Ltd. (TSX: MDA) is a Richmond based, Canadian information services and products company, employing over 3000 people throughout Canada, the United States and the United Kingdom, under the MDA brand name. and Associates, monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions Noun 1. lending institution - a financial institution that makes loans financial institution, financial organisation, financial organization - an institution (public or private) that collects funds (from the public or other institutions) and invests them in , title companies and industry analysts. Sales of resale houses statewide are also down. Sales last month totaled 33,350, down 2.0 percent from 34,028 for September last year. The statewide median was $210,000, up 13.5 percent from $185,000 last year, DataQuick reported.
Resale houses
No Sold No Sold Pct. Median Median Pct.
Sep-99 Sep-00 Chng. Sep-99 Sep-00 Chng.
Alameda 1,341 1,367 1.9% $272K $340K 25.0%
Contra Costa 1,338 1,281 -4.3% $235K $267K 13.6%
Marin 360 242 -32.8% $405K $562K 38.8%
Napa 148 143 -3.4% $210K $263K 25.2%
San Francisco 384 341 -11.2% $390K $480K 23.1%
San Mateo 679 652 -4.0% $418K $502K 20.1%
Santa Clara 1,477 1,587 7.4% $387K $470K 21.4%
Solano 513 591 15.2% $164K $192K 17.1%
Sonoma 652 565 -13.3% $235K $319K 35.7%
Bay Area Total 6,892 6,769 -1.8% $304K $371K 22.0%
Source: DataQuick Information Systems
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