Bay Area May Home Prices Move Higher

Bay Area May Home Prices Move Higher Bay Area Home Prices Move Higher In May

Let’s take a look at the numbers for the sales of existing single-family homes and condominiums in the San Francisco Bay area. The prices improved more than expected in May and the home prices beat the previous year’s for a second consecutive month according to real estate information provider DataQuick.

The median sales price for new and resale homes and condos in May increased 2.6 percent to $400,000, up from $390,000 in April.

A closer look reveals that distressed home sales accounted for 43.8 percent of the Bay Area’s re-sale market last month which marks a slight rise from a revised 43.6 percent in April. Short sales and foreclosures split the distressed sales inventory. Even though the banks may not be releasing their entire inventory, the foreclosure re-sales accounted for 21.9 percent of all existing home sales in May, unchanged from April. Meanwhile short sales also made up about 21.9 percent of the Bay Area’s existing home sales last month, up from a revised 21.7 percent in April.

Other interesting numbers include that cash buyers marked a 28.1 percent share of the homes purchased for the month and they paid a median price of $273,500 for their purchases.

What does this mean? Buyers continue to take advantage of the low interest rates and relatively low prices while sellers seek to gain because of the buying frenzy and low inventory. We don’t expect this upward turn to last too much longer. Interest rates will eventually rise and the banks will release more REOs by the time the election hits in November.

Bay Area May Home Prices Move Higher

Bay Area May Home Prices Move Higher

Bay Area May Home Prices Move Higher

Bay Area May Home Prices Move Higher

Bay Area May Home Prices Move Higher

Bay Area May Home Prices Move Higher

Bay Area May Home Prices Move Higher

Bay Area May Home Prices Move Higher

Bay Area May Home Prices Move Higher

Bay Area May Home Prices Move Higher

Bay Area May Home Prices Move Higher

Bay Area May Home Prices Move Higher

Bay Area May Home Prices Move Higher

Bay Area May Home Prices Move Higher

Bay Area May Home Prices Move Higher

Bay Area May Home Prices Move Higher

Bay Area May Home Prices Move Higher

Bay Area May Home Prices Move Higher

Bay Area May Home Prices Move Higher

Bay Area May Home Prices Move Higher

Bay Area May Home Prices Move Higher

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1 Comment

Filed under California, San Francisco

One response to “Bay Area May Home Prices Move Higher

  1. Pingback: Most To Least Expensive Homeownership Markets – San Francisco Tops The List | Resource Blog

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