Bay Area housing prices rose more than 10 percent in October compared to a year ago, but sales dropped by 10.7 percent, according to a report by the California Association of Realtors released Monday.
The median price of a Bay Area home was $719,660 in October, a 1 percent hike compared to September and 10.6 percent more than October 2004.
Across the state, the median price rose to $538,800, a 17 percent hike compared to last year’s price of $459,530. But the price dropped 1 percent compared to September. Sales for single-family homes also fell statewide by 2.8 percent.
“While California is still experiencing year-over-year double-digit price appreciation, prices are starting to level off compared with the statewide peak reached in August 2005,” said Vince Malta, president of the organization, in a statement. “Regionally, the median price continues to post strong gains, with the High Desert, Riverside/San Bernardino, and San Luis Obispo regions hitting record highs last month.”
Thirty-year fixed mortgage interest rates averaged 6.07 percent during October 2005, compared with 5.72 percent in October 2004, according to Freddie Mac (NYSE: FRE). Adjustable mortgage interest rates averaged 4.86 percent in October 2005 compared with 4.02 percent in October 2004.