Bay Area prices slow as mortgage rates rise

The San Francisco Chronicle reports:

The Bay Area housing market cooled in October, as home sales declined for the seventh consecutive month and prices softened amid a steady rise in interest rates.

Although the median price of an existing single-family home in the region was $644,000 last month -- 16.7 percent higher than a year ago -- it was $2,000 below what it was in September, according to a report released Thursday by DataQuick, a La Jolla real estate information firm.

A total of 9,009 existing homes and condos were sold last month -- 7.1 percent fewer than a year ago.