Thursday, June 17, 2010

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."


At 6/17/2010 9:31 PM, Anonymous Anonymous said...

I don't believe there's going to be meaningful job creation, and I don't believe there's going to be a meaningful turnaround in spending. In fact, I am more bearish than I've been in a year. I have the strongest conviction that there's going to be a double dip in housing. I think you'll start to see that in July, August, September.

- Meredith Whitney, Interviewed in Businessweek, June 10

At 6/18/2010 7:39 AM, Blogger juandos said...

Maybe Meredith Whitney is onto something here...

Consider the following and if this guy knows what he's talking about Whitney could be considered prophetic...

Democrats talk mortgage deduction elimination

From the Real Estate bloggers: White House Continues Press For Elimination of Mortgage Interest Deduction

At 6/18/2010 8:23 PM, Anonymous morganovich said...

great chart of national house prices:

shows some recovery, but also how far we have to go before it's meaningful.

At 6/23/2010 3:25 PM, Blogger VangelV said...

Sorry but like the other positive real estate stories this one missed the obvious.


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