Prices Of Bay Area Homes Rise For 40th Month In A Row, Hitting $661K Average
SAN FRANCISCO (CBS SF) -- The prices of homes sold in the Bay Area over the last two months are nearing historic highs, while the number of sales are near normal levels, according to data released Wednesday by the research firm CoreLogic.
The median price of a home sold in July was $661,000, just below the peak of $665,000 in June and July 2007, according to CoreLogic. Last month's average is up 7.5 percent from the price of $615,000 a year ago.
It's also up slightly from June's median price of $660,000, according to CoreLogic, which found the median price has risen for 40 consecutive months.
According to Corelogic, 9,245 new and existing homes sold in the nine-county Bay Area in July, the highest for a July in a decade and just below the average for the last 25 years.
"The level of sales last month could loosely be called 'normal' given it was just below the average July sales tally over the past quarter century," CoreLogic research analyst Andrew LePage said in a statement. "As recently as March of this year, sales were still about 20 percent below average."
San Francisco had the Bay Area's highest median sales price for July at $1,075,000, up from $965,000 a year earlier. Solano County had the lowest median price in the region at $330,000 for July, according to Corelogic.
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