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Bay Area Home Prices Jump On Lack Of Foreclosures

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

A sold 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 rose last month at the fastest clip in more than 20 years.

DataQuick said Wednesday that the December median sales price in the nine-county region was $442,750, up 32 percent from the same period of 2011. It was the highest level since August 2008 and the highest annual increase since the research firm began keeping track in 1988.

Related Link: Complete DataQuick report and county-by-county breakdown

There were more than 7,800 homes sold during the month, up 5 percent from a year earlier. It marked the Bay area’s 18th straight annual sales increase.

DataQuick says half of the price increase is the result of changes in the sales mix. Foreclosed homes, which tend to sell at deep discounts, are drying up.

(Copyright 2013 by CBS San Francisco. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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