by Calculated Risk on 6/14/2007 06:24:00 PM

From DataQuick: Bay Area home sales drop, prices up

Bay Area homes continued to sell at their slowest pace in 12 years last month, as the median sales price edged up to a new peak, a real estate information service reported.
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Sales have decreased on a year-over-year basis the last 28 months. Last month's sales count was the lowest for any May since 6,615 homes were sold in 1995.
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The median has increased the last four months, in part because sales of lower-cost homes have dropped more than sales in other categories.

This final point is important on prices. Since DataQuick reports the median price, and sales are apparently dropping faster at the low end, compared to the high end, this change in mix pushes up the median price - even if actual prices are stable or even falling slightly.