Watch CBS News

Bay Area Home Prices Reach 4-Year High

SAN DIEGO (CBS/AP) -- San Francisco Bay Area home prices have risen to the highest levels in four years, according to a research firm.

DataQuick said Wednesday that the median price for new and existing homes and condominiums reached $417,000 in June.

That's up more than 10 percent from the same period last year. Last month's median was the highest since it was $447,000 in August 2008.

DataQuick attributes the increase to an ongoing shift in the types of homes selling, slightly improved mortgage availability and ultra-low interest rates on home loans.

The number of homes sold reached 8,600. That's more than 7 percent from the same period last year.

DataQuick says sales have increased on a year-over-year basis for the 12th month in a row.

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 This material may not be published, broadcast, rewritten, or redistributed.)

View CBS News In
CBS News App Open
Chrome Safari Continue
Be the first to know
Get browser notifications for breaking news, live events, and exclusive reporting.