Bay Area home sales rise as monthly median price dips

Bay Area home sales rose in October while price gains tapered off.

Sales in cheaper neighborhoods fell but took off in move-up and pricier areas. Foreclosed homes made up only a little over 1 out of 10 previously owned homes sold in the region last month, according to a report by real estate firm DataQuick.

“We’re definitely seeing less distress and foreclosure activity, and more mid- to up-market sales,” DataQuick President John Walsh said. “Supply is limited, and getting through the mortgage process is still rough.”

Sales rose 13.8% from September and 21.0% from October 2011, DataQuick said. A total of 7,795 newly built and previously owned homes sold last month.

The region’s median price — the point at which half the homes sold for more and half for less — was $416,000, a 3.0% decline from the prior month and an 18.9% gain from October last year.

Sales of homes cheaper than $300,000 fell 15.2% last month year-over-year. Sales between $400,000 to $800,000 rose 25.7% and home sales above $800,000 rose 47.1%.

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