If increasing home prices signal a recovering economy, then a recovery is underway!
The median price paid for a home in the nine-county Bay area climbed to $442,750 last month from $335,500 in December 2011, according to the San Diego-based data provider. The median was the highest since August 2008, when it was $447,000, and the year-over-year gain was the largest in DataQuick records going back to 1988.
At least half of the increase resulted from a change in market mix. There were fewer sales of low-cost distress homes and more sales of mid-market and move-up homes.
The number of homes sold for less than $500,000 decreased 13 percent from December 2011, while those that sold for more than $500,000 jumped 61 percent, DataQuick reported. (emphasis mine)
(It’s good to see that the wealthy continue to do so well! 😉 Even those NOT in the top 1%….)
A total of 7,832 new and resale houses and condominiums sold in the region last month, up 4.5 percent from a year earlier, DataQuick said. A tight supply of homes on the market and “a fussy home-loan environment” restrained the number of properties sold, DataQuick said.
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