More on the April Real Estate Blowout
2."Flocks of buyers pushed up home sales across the San Francisco Bay Area last month for the strongest April in six years. Sales of single family homes were up 12 percent from the previous April. There were double-digit increases in the number of homes sold in Santa Clara, San Mateo and Contra Costa counties. A drop in the number of foreclosure sales, which fetch lower prices, helped push the median sales prices up, DataQuick said.
The median sales price of a Contra Costa County single family home was $296,750, up 12 percent from a year ago. In Santa Clara County, it was $595,000, a 13 percent gain; in San Mateo County, $635,000, a 2.4 percent increase and in Alameda County the median price was unchanged."
3. "Bidding wars are breaking out for luxury homes in such wealthy Los Angeles enclaves as Brentwood, Beverly Hills and Bel Air as an increasing number of buyers bet on rising home prices and investors return to the market. Even properties in need of extensive renovation are being fought over by shoppers who expect to resell them for more after a remodel or rebuild.
Sales of Beverly Hills homes priced at $2 million and higher climbed 11 percent in the first quarter from a year earlier to 39. In Brentwood, whose residents include actress and singer Julie Andrews, they increased 56 percent to 25, and in Malibu they gained 64 percent to 23."
Related: Mortgage rates fell again this week to fresh record lows, with the 30-year fixed rate dropping to 3.79% and the 15-year falling to 3.04%.