SILVAR  :  Newsroom  : Real Estate Articles

Real Estate Articles

REALTOR®: Bay Area Home Sales and Median Price Rise

Wednesday, July 22, 2009

Home sales in the Bay Area jumped to their highest level in almost three years, the result of improved mortgage availability and a perception among potential buyers that prices have bottomed out. The median price paid for a home increased month-to-month for the third month in a row, a real estate information service reported.

A total of 8,644 new and resale houses and condos sold across the nine-county Bay Area in June. That was up 16.1 percent from 7,447 in May and up 20.4 percent from 7,178 in June 2008, according to MDA DataQuick.

"Getting mortgage financing this last year has really been an egregious process, especially for borrowers in the upper half of the market. We're just now seeing the beginnings of more normal mortgage lending patterns. There's still a long way to go, but it looks like the worst of the grind is over," said John Walsh, MDA DataQuick president.

The median price paid for all new and resale houses and condos sold in the nine-county Bay Area was $352,000 last month, up 3.1 percent from $341,500 in May and down 27.4 percent from $485,000 in June 2008. It was the highest since $375,000 last October. The current median is 47.1 percent below the $665,000 peak reached in June 2007.

Santa Clara County home sales volume ranked the second highest in the nine-county Bay Area, up 28.5 percent from last year. The median price paid for a Santa Clara County home in June was $445,000, down 27.30 percent from $612,000 in June 2008.

The improved housing market climate is the result of improved mortgage availability and a perception among potential buyers that prices have bottomed out, according to REALTOR® officials. Buyers are seriously considering housing incentives, including the monetization of the $8,000 first-time home buyer tax credit, which deadlines December 1.

"Inventory has come down in our area. I think buyers are realizing there is a golden opportunity out there for them and they've decided it's time to get off the fence and seriously consider these housing opportunities," said Julia Truesdale Keady, president of the Silicon Valley Association of REALTORS®.


The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.

The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.

Variations of this article have appeared in local area newspapers.

For further information, please contact Rose Meily at SILVAR Public Affairs, email , or phone (408) 200-0109.

» Back to Real Estate Articles

Site Navigation