Bay Area home sales fall in August

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Bay Area home sales tumbled in August to an 18-year low for that month and prices dipped from their July levels, according to MDA DataQuick of San Diego.

“The magnitude of the sales slowdown suggests that, among other things, many would-be buyers are holding off for further price cuts,” John Walsh, president of DataQuick said.

The median home price in the Bay Area was $385,000, a 4.2% drop from July, and the second consecutive month-over-month drop. That price, however, was 6.9% above August 2009.

Sales fell 1.1% in August from July and were 10.9% lower than August 2009. A total of 6,698 new and previously owned houses and condos closed escrow in the nine-county Bay Area last month.

-- Alejandro Lazo