San Francisco Bay Area Home Prices Near Four-Year High

Posted by Orb Staff on July 20, 2012 No Comments
Categories : Residential Mortgage

The median price paid for a San Francisco Bay Area home in June jumped to its highest level in almost four years, according to new data from San Diego-based DataQuick. In addition, home sales for this California market increased on a year-over-year basis for the 12th month in a row.

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% from $400,000 in May and up 10.4% from $377,750 in June 2011. Last month's median was the highest since being $447,000 in August 2008.

A total of 8,577 new and resale homes were sold in the nine-county Bay Area last month. That was down 2.6% from 8,810 the month before, but up 7.2% from 7,998 for June 2011.

Last month, 40.9% of Bay Area sales were for $500,000 or more, up from 39.4% in May, and up from 38% in June 2011. Jumbo loans accounted for 38.1% of last month's purchase lending, the highest since 38.6% in December 2007.

Government-insured Federal Housing Administration (FHA) home purchase loans accounted for 16.8% of all Bay Area home purchase mortgages in June, which was down from 17.2% in May and 20.6% percent a year earlier. Last month's figure was the lowest since the FHA purchase loan share was 14.7% in August 2008.

Foreclosure resales accounted for 18.1% of resale volumes in June – the first time it has been under 20% since January 2008's level of 18.8%. Short sales made up an estimated 18% of Bay Area resales last month, up from an estimated 17.6% in May and about the same as 18.2% a year earlier.

‘While last month's jump in the median sale price might to some extent reflect prices edging a bit higher in certain markets, mostly it's a reflection of the change in market mix,’ says John Walsh, DataQuick's president. ‘Fewer discounted distressed properties changing hands, more normal sales in the move-up range.’

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