Bay Area House Prices Rebound To 2007 Values

SAN FRANCISCO (CBS/AP) – A research firm says San Francisco Bay area home prices have surged to a new six-year high amid lackluster sales.

DataQuick said Wednesday that the median sales price for new and existing houses and condominiums reached $579,000 in March, up 7 percent from $540,000 the previous month and up 23 percent from $470,000 in March 2013. It is the 24th straight annual increase and the highest level since December 2007.

Slightly more than 6,300 homes sold in the nine-county region last month, down 13 percent from the same period last year. It was the lowest March sales tally in six years.

DataQuick says low inventories kept a lid on sales.

Read the full report and county-by-county breakdown.

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