Bay Area Housing Prices Jump to Four Year High, Sales Continue Climbing
So much for a summer slowdown in the housing market! Bay Area home prices surged to a four-year high in July and the region turned in its 13th consecutive month of year-over year sales increases, according to a new report out this week from DataQuick, the La Jolla-based real estate information services company. . The median sale price for all new and existing homes in the nine-county Bay Area jumped 12.6 percent to $421,000 from $374,000 a year ago and the highest price since August 2008. Sales gains were even more dramatic with 8,461 properties changing hands, nearly 23 percent more than a year ago. If there was any doubt left that our housing market is on the rise I think this spring and summer’s performance should put that to an end. The median price increase can be attributed to fewer distressed home sales and more “normal” market activity. Additionally, the shortage of inventory for sale is resulting in buyers bidding up prices on the relative few homes ou...