Bay Area housing market strengthened in July
The Bay Area’s housing market steadied in July as sales remained strong, prices rose and fewer foreclosures sold.
Sales rose year-over-year for the 13th month in a row, with increasingly more “move-up” and pricier homes selling.
Sales fell 1.4% from the prior month and were up 22.9% from the same month a year earlier, real estate firm DataQuick reported. A total 8,461 homes sold in the nine-county Bay Area.
The region’s median home price hit $421,000 last month, up 1.0% from June and 12.6% from July 2011. That was the highest median, which is the point at which half the homes in the area sold for more and half for less, since August 2008.
Foreclosures accounted for just 15.7% of the market last month, down from a revised 17.8% in June and 25.9% in July 2011.
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