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Bay Area Home Prices Showing Consistent Rise Over 2011

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A sale pending sign stands in front of a home for sale in San Francisco. (Justin Sullivan/Getty Images)

A sale pending sign stands in front of a home for sale in San Francisco. (Justin Sullivan/Getty Images)

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SAN FRANCISCO (CBS/AP) – A research firm reports that home prices in the San Francisco Bay area registered a sixth straight annual increase last month.

DataQuick said Wednesday that the median price for new and existing houses and condominiums reached $416,000 in the nine-county region in October. The median fell $13,000 from September but it’s still up 19 percent from $350,000 the same period last year.

Nearly 7,800 homes sold in the Bay area last month, up 21 percent from last year. It marks the 16th straight annual sales increase.

DataQuick said buyers are snapping up more mid- to high-end homes. Foreclosed properties are also making up a smaller part of the sales mix, lifting the median price because they tend to sell at steep discounts.

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 This material may not be published, broadcast, rewritten, or redistributed.)

 

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