A silver lining of sorts. Never mind that the Bay Area has also seen the median home price drop to its lowest levels on record (Note: records started in 1988.) See San Francisco Chronicle story here. The take-away message: Just like elsewhere in the U.S., the closer you are to the action (jobs), the better.
As has consistently been the case, several counties - notably those close to job centers and in affluent areas - were in better shape. In San Francisco, the median price inched up to $755,000, up 0.3 percent from last year - the only county where the median grew. Sales in San Francisco were down 20.6 percent versus last year, a modest drop compared to the 47.2 percent decline in Alameda County, for example. San Mateo and Marin counties saw their medians slip about 4 percent, compared with the double-digit declines of the six other counties.