Jul 16, 2009 10:49 am US/Pacific
NorCal Median Home Price Rises 3% In June
LOS ANGELES (AP) ―
The median home price in Northern California jumped more than 3 percent last month from May to its highest level since October, a real estate tracking firm said Thursday.
The figure was boosted by improved mortgage availability and a perception among potential buyers that prices have bottomed out, San Diego-based MDA DataQuick said.
The median price for the nine-county area increased to $352,000 last month from $341,500 in May, marking the third month in a row that prices increased.
DataQuick said 8,644 homes were sold in the region in June, the highest monthly number in almost three years. The figure was up more than 16 percent from 7,447 in May and more than 20 percent from 7,178 in June 2008.
DataQuick president John Walsh said thawing credit markets were allowing more borrowers to close deals on homes, especially ones in higher-end neighborhoods where sales have been most sluggish.
"We're just now seeing the beginnings of more normal mortgage lending patterns," he said. "There's still a long way to go, but it looks like the worst of the grind is over."
Foreclosures accounted for just over 37 percent of the region's home sales, the lowest percent since August.
On Wednesday, DataQuick said the median price of a home in Southern California had surged 6.4 percent in June from May to $265,000. The firm also said home sales in that six-county area had risen to their highest level in 30 months.
(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)
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