San Francisco Bay Area home sales were up 20% in June over the same month last year, while the median sales price was down 27%, MDA DataQuick reported Thursday.
The median price in the Bay Area was $352,000, down from $485,000 in June 2008 and 47% below the peak median of $665,000, reached in June 2007. Last month’s median was up 3% from May’s, however. The Bay Area’s median appears to have hit its floor in March at $290,000.
As in Southern California, the rising Bay Area median reflects the changing mix of homes sold. The market is being driven less by low-priced foreclosures, and higher-end sellers are coming down in price, which is attracting buyers. So the median rises because of sales of more expensive homes, but those homes are moving because they are dropping in price.
Foreclosed homes accounted for 37% of sales.