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Monthly Bay Area Home Prices Soar At Fastest Rate On Record

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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)

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SAN FRANCISCO (CBS/AP) – A research firm says the Bay Area’s median home price surged 17 percent in just one month, to pass the half-million dollar mark for the first time in five years.

DataQuick said Wednesday that April’s median price for new and existing homes hit $510,000 in the nine-county region, up 31 percent from the same period last year. The median price rose by $74,000 during April alone, the biggest month-to-month increase in percentage terms since DataQuick began keeping track of regional sales in 1988.

Tight supplies kept a lid on sales. Slightly more than 7,600 homes sold, down about 1 percent from April 2010. It was the third straight month that sales fell from a year earlier.

The median price paid for a home statewide was $324,000 – the highest since June 2008 when the median price hit $328,000.

The median price rose by more than 22 percent compared to April 2012.

The firm said it marked the 14th straight month that the median price rose year-over-year.

More than 39,000 new and existing homes and condominiums sold statewide last month.

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 This material may not be published, broadcast, rewritten, or redistributed.)

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