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San Francisco Area Home Sales, Prices Jump In May

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San Francisco Homes For Sale

Real estate signs are posted in front of homes for sale in San Francisco. (Justin Sullivan/Getty Images)

SAN FRANCISCO (CBS/AP) – A research firm says home sales soared in the San Francisco Bay area last month as more expensive properties drew strong interest from buyers.

DataQuick said Thursday that sales of new and existing houses and condos skyrocketed 26 percent from last year to more than 8,800. It is the highest May tally in six years.

The median price in the nine-county region rose nearly 8 percent from May 2011 to $400,000. The median is still well below a peak of $665,000 reached in the middle of 2007 but up from $290,000 in March 2009.

The San Diego-based researcher says sales rose across all pricing categories. Foreclosed homes, which tend to sell at a discount, made up a smaller part of the overall sales.

(Copyright 2012 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

 

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