News

Bay Area home sales rise in June

Many homebuyers believe prices have bottomed out, research finds

Bay Area home sales in June jumped to their highest level in almost three years because of the perception among homebuyers that prices have bottomed out, according to an organization that monitors real estate data.

A total of 8,644 new and resale houses and condominiums were sold in the nine Bay Area counties in June, up 16.1 percent from May and 20.4 percent from a year ago, according to MDA DataQuick, a San Diego-based real estate information service.

The median price for a home in the Bay Area also increased slightly in the past month, up 3.1 percent from $341,500 to $352,000. However, that median is just more than half of the peak of $665,000 reached in June 2007.

"Getting mortgage financing this last year has really been an egregious process, especially in the upper half of the market," John Walsh, MDA DataQuick president, said in a statement.

"We're just now seeing the beginnings of more normal mortgage lending patterns. There's still a long way to go, but it looks like the worst of the grind is over," Walsh said.

Marin County had the highest median home price in the Bay Area at $710,000, while Solano County had the lowest at $185,000.

Comments

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Posted by Jeff
a resident of Old Mountain View
on Jul 20, 2009 at 3:28 pm

"Bay Area home sales in June jumped to their highest level in almost three years because of the perception among homebuyers that prices have bottomed out,..."

Home buyers might have that perception, and it might even prove true. But I'm fairly skeptical that it is. The increase in median home price mentioned in the article is really no evidence of a bottom as it is likely to be driven by a change in the mix of houses being sold. In some of the outer Bay Area counties, forclosures have been 30-40% of sales. As that goes down, even slightly, the median price will go up just from the mix changing. More on this here.

Web Link

FWIW, I'm a homeowner, so I have no vested interest in saying prices will go down.


Like this comment
Posted by Jeff
a resident of Old Mountain View
on Jul 20, 2009 at 3:36 pm

Wrong link. Look at this one instead.

Web Link


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