The median home price in the San Francisco Bay area (8 counties) increased for the 2nd month in a row, increasing 12.3% in May. The median home price was $341,500 compared to the recent low of $290,000 set in March 2009.

Here are some of the facts leading to the increase in the median selling price:

  • Jumbo mortgages ($417k+) accounted for 25.5% of sales, the highest percentage since last October.
  • Sales of $800k+ homes rose to 13.2% of resales, up from 9.8% in April.
  • 42.1% of sales were foreclosure properties, compared to the peak of 52%.

It appears that the Bay area real estate market is starting to reach some level of normality. The median sales price is still 33.9% below a year earlier. The number of sales in May was 19.8% higher than May 2008.

Source: MDA Dataquick

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