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.
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