Thursday, June 14, 2012

SF Home Sales Highest for a May Since 2006

LA Times -- "The San Francisco Bay Area's housing market strengthened in May as sales leaped, pricier homes were bought and fewer foreclosures sold. Bay Area sales were at a six-year high for a May last month while sales of homes costing more than $500,000 surged, real estate information firm DataQuick reported.

Sales were up 14.8% from last month and 26.1% from May last year to total 8,810 newly built and previously owned homes sold in the Bay Area last month. The Bay Area median home price rose 2.6% from last month and was up 7.5% from May last year to hit $400,000." 

MP: With both home sales increasing (by 26.1%) in May and median prices increasing (by 7.5%), following an 8.3% increase in median prices in April, I think you've got the ingredients for a real estate recovery in San Francisco.

3 Comments:

At 6/14/2012 3:05 PM, Blogger Che is dead said...

This article from 2006 helps to explain why housing in the Bay Area isn't representative of anything, except market interference: "The high price of land-use planning", San Francisco Chronicle

 
At 6/14/2012 3:25 PM, Blogger morganovich said...

recovery?

sf finished recovering ages ago.

that market has been making highs for some time.

my old building is trading at $1800/ft2.

SF barely even went down in the city proper. it's just that when they say "sf metro area" they lump in oakland and freemont, which are completely different markets.

SF proper has been booming for years. it's a tiny market with very tight supply and tons of suddenly rich first time buyers every time there is a tech ipo cycle.

facebook alone will move the SF market in a big way.

 
At 6/14/2012 9:48 PM, Blogger Unknown said...

California May home sales rise 17.6% y-o-y, 9.3% from April, and prices rise 8.4% y-o-y and 2.3% from April

California being the big market that it is, I presume this means a market-moving number for existing home sales out next week.

 

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