Low Inventory Constrains Bay Area Home Sales, But Prices Rise

San Francisco HomesLast month’s Bay Area home sales were the slowest for a December in six years, the result of a constrained supply of homes for sale. Prices continued to rise on a year-over-year basis, although at a slower pace than earlier in 2013, a real estate information service reported.

In Contra Costa County, home sales decreased 23.1 percent from December 2012 to December 2013, but the median price rose to $405,000, a 21.4 percent increase.

A total of 6,714 new and resale houses and condos sold in the nine-county Bay Area last month. That was the lowest for any December since 2007, when 5,065 homes sold. Last month’s sales were up 0.8 percent from 6,659 in November, and down 12.7 percent from 7,688 in December 2012, according to San Diego-based DataQuick.

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Authored By Dave Colby – See the Full Story at Patch.com

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