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Bay Area home sales rise in June

Original post made on Jul 20, 2009

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.

Read the full story here Web Link posted Monday, July 20, 2009, 11:22 AM

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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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