Bay Area home prices rose while sales tumbled last month as buyers struggled to afford homes amid tight supply.
The median sales price in the nine-county San Francisco Bay Area increased 1.9% from October to $550,000, research firm DataQuick said Tuesday. Prices are 25.6% higher than November 2012.
Buyers in the tech-industry mecca purchased 6,659 new and resale condos and houses in November, a 12.3% drop from October and down 10.9% over the year.
The region’s housing market continued to heal in November as distressed sales declined. Homes that had been foreclosed upon within the last year constituted 3.7% of resales. That’s down from 12.5% a year earlier.
Short sales also declined.
Sales fell over the year in all counties except for Marin, where sales rose 5.5% from November 2012.