http://business-news.thestreet.com//story/median-price-bay-area-homes-nears-four-year-high/1 (hidethestreet)
The Bay Area real estate market’s return to health continued in June, as sales completed a full year of increases and the median price for Bay Area homes neared a four-year high.
The nine-county Bay Area experienced 8,577 home sales in June, the 12th consecutive month that home sales have increased year-over-year, according to research from DataQuick. The median price on those sales was $417,000, the highest since August 2008 and 10.4 percent higher than in June of 2011.
DataQuick President John Walsh said in an emailed statement that the Bay Area real estate market’s changes in the past year are the exact opposite of the effects of the housing downturn.
“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 foreclosure resales soaring they’re waning, and instead of high-end sales slumping they’re posting some of the larger sales gains,” Walsh wrote.
San Mateo County experienced one of the biggest jumps in year-over-year sales, increasing 13.9 percent from June 2011 with a 1.7 percent dip in the median price, to $570,000.
Alameda County also experienced double-digit growth in sales, as 1,755 new and resale homes changed hands in June, a 10.8 percent increase, with the median price increasing 6.8 percent to $375,000.
Contra Costa County had the largest leap in median price, from $268,000 in June of 2011 to $315,500, though sales increased only 0.7 percent. Santa Clara County sales increased 8.4 percent and the median price rose 7.6 percent to $550,000.
