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Bay Area Home Prices Jump In November

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

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

SAN FRANCISCO (CBS/AP) — A research firm says San Francisco Bay area home prices in November were up more than 20 percent from last year as buyers competed for scarce supplies.

DataQuick said Thursday that the median price for new and existing houses and condominiums was $438,000 in the nine-county region. The median price jumped $22,000 during the month.

Nearly 7,300 homes sold in the Bay area, up 16 percent from last year. It is the region’s highest November sales tally in six years.

Foreclosed properties made up a smaller part of the sales mix, lifting the overall median price because they tend to sell at steep discounts.

California home prices posted a ninth straight annual increase in November.

DataQuick said Thursday that the median price for new and existing houses and condominiums was $291,000 last month, up 19 percent from $244,000 the same period last year. The median price jumped $6,000 during the month.

More than 37,000 homes sold in California during November, up nearly 15 percent from last year.

Properties that were foreclosed upon during the previous year accounted for less than one of five existing homes sold, compared to one in five a year earlier.

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 This material may not be published, broadcast, rewritten, or redistributed.)

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