Median Price San Francisco Home Tops $400k in May for the 1st Time in 21 Mos., Since Sept. 2008

DQNews -- "Sales rose across the Bay Area last in May in many mid- to high-end neighborhoods, helping to push the median sale price over $400,000 for the first time in 21 months. But as tax credits, low mortgage rates and an ample supply of homes for sale fueled the $500,000-plus market, sales fell in many affordable inland areas where investors and first-time buyers faced a dwindling inventory of low-cost foreclosures.

In May, a total of 8,264 homes sold in the nine-county Bay Area, up 18% from 7,003 in April and up 11.0% from 7,447 in May 20009 (see chart).  Last month the median paid for all new and resale houses and condos combined jumped to $410,000, up 10.8% from $370,000 in April and up 20.1% from $341,500 in May 2009. The median has risen on a year-over-year basis for eight straight months, though in May it was still 38.3% below the $665,000 peak in June/July 2007."