The median price paid for all new and resale houses and condos combined in the nine-county Bay Area fell to $350,000 last month, lowest since Sept. 2000. The prices have been dropped for 12 consecutive months. That was down 6.7% from $375,000 in October and down a record 44.4% from $629,000 in November 2007, and was 47.4% below the peak median of $665,000 reached last year in June, July and August.
Last month 47.6% of all homes that resold in the Bay Area had been foreclosed on at some point in the prior 12 months, up from 44.0% in October and 10.1% a year ago.
A total of 5,756 new and resale houses and condos closed escrow in the region last month, the second-lowest for a November since at least 1988. That was down 24.4% from 7,613 sales in October but up 12.3% from 5,127 sales in November 2007.
The Bay Area's more expensive counties - Marin, San Francisco, San Mateo and Santa Clara - saw their share of total Bay Area sales fall again, to 35.0%, compared with an historical average of 43%. Those four counties were also the only in the region to log year-over-year sales declines in November.
Before the credit crunch hit in August 2007, 62% of Bay Area sales were financed with jumbos, then defined as over $417,000. Last month just 23.0% of purchase loans were over $417,000.
The typical monthly mortgage payment that Bay Area buyers committed themselves to paying was $1,625 last month, down from $1,767 the previous month, and down from $2,963 a year ago. They are 51.5% below the current cycle's peak in June 2006.
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