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 This material may not be published, broadcast, rewritten, or redistributed.)

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