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.
Cheshire Cat Photo™ – “Your Guide to California’s Wonderland™”
You can view higher-resolution photos at the Cheshire Cat Photo™ Pro Gallery on Shutterfly™, where you can also order prints and gifts decorated with the photos of your choice from the gallery. The Cheshire Cat Photo Store on Zazzle® contains a wide variety of apparel and gifts decorated with our images of California. All locations are accessible from here. LIKE Cheshire Cat Photo on Facebook here! If you don’t see what you want or would be on our email list for updates, send us an email at email@example.com.