San Francisco Real Estate - Residential

San Francisco Real Estate Market Update for the week ending July 12, 2009

Data Quick Releases Its June Figures With Promising Results

DataQuick Information Systems released its June monthly report on the Bay Area Thursday (http://www.dqnews.com/Articles/2009/News/California/Bay-Area/RRBay090716.aspx) to some interesting month-end figures, including increases in sales and median home prices. In fact, the company reported; “Home sales in the Bay Area jumped to their highest level in almost three years, the result of improved mortgage availability and a perception among potential buyers that prices have bottomed out. The median price paid for a home increased month-to-month for the third month in a row.”

Among the highlights of the story:

• A total of 8,644 new and resale houses and condos sold across the nine-county Bay Area in June.
• That was up 16.1 percent from 7,447 in May and up 20.4 percent from 7,178 in June 2008.
• Home sales have increased on a year-over-year basis the last ten months.
• The median price paid for all new and resale houses and condos sold in the nine-county Bay Area was up 3.1 percent from May, although down 27.4 percent from June 2008. It was the highest since last October.
• The current median is 47.1 percent below the $665,000 peak reached in June 2007. It hit a low of $290,000 in March this year. About half the downturn appears to be price declines, the other half is the absence of high-end home sales in the statistics, which pulls the median down.

Read the rest of the report here.

posted by SFResidence.com @ 10:58 PM