San Francisco Area Home Prices Down 40% Since September of 2007

The San Francisco Chronicle reports:

Bay Area home sales marked their highest gain in at least two decades last month, but the price plunge set a record, too, as buyers snatched up bargains in the communities hardest hit by foreclosures.

A total of 5,449 existing, single-family homes traded hands in the nine-county region in September, up 74.8 percent from a year ago, according to MDA DataQuick. The median price paid was $400,000, down 40.3 percent from September 2007. Those are the largest year-over-year gain and drop, respectively, in the San Diego research firm's 20 years of data.

With lower prices to come.