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Bay Area Home Sales Up, Median Highest Since Summer 2008
July 18, 2012  
La Jolla, CA.--The median price paid for a Bay Area home in June jumped to its highest level in almost four years, the result of an ongoing shift in the types of homes selling, slightly improved mortgage availability, and ultra-low interest rates on home loans. Sales increased on a year-over-year basis for the 12th month in a row, a real estate information service reported.
The median price paid for all new and resale houses and condos sold in the nine-county Bay Area last month was $417,000. That was up 4.3 percent from $400,000 in May, and up 10.4 percent from $377,750 in June 2011, according to San Diego-based DataQuick.
Last month’s median was the highest since it was $447,000 in August 2008.
The median’s low point for the current real estate cycle was $290,000 in March 2009, while the peak was $665,000 in June/July 2007. Around half of the median’s peak-to-trough drop was the result of a decline in home values, while the other half reflected a shift in the sales mix.
“Some of today’s stats are similar to what we saw in the thick of the housing downturn back in 2009, only in reverse: Instead of ... more

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