SAN FRANCISCO(AP) - San Francisco Bay area home prices hit a four-year high in June due in part to a shift in the market that saw foreclosures wane and buyers snap up costlier residences, a research firm said Wednesday.
The median price for new and existing homes and condominiums in the nine-county region reached $417,000 in June, up more than 10 percent from the same period last year, DataQuick said.
Last month's median was the highest since it was $447,000 in August 2008. However, the median price is still well off its peak of $665,000 in mid-2007. Home sales last month jumped to nearly $8,600, up 7 percent from the same period last year.
"Some of today's stats are similar to what we saw in the thick of the housing downturn back in 2009, only in reverse: Instead of foreclosure re-sales soaring they're waning, and instead of high-end sales slumping they're posting some of the larger sales gains," DataQuick president John Walsh said.
He added that last month's jump in the median sale price might to some extent reflect prices edging a bit higher in certain markets, but it's mostly a reflection of the change in market mix.
The market is also being helped by slightly improved mortgage availability and ultra-low interest rates, the firm said. Home sales in the region increased on a year-over-year basis for the 12th month in a row.