Bay Area home sales slightly up in June

(BCN)

Bay Area home sales were slightly up in June but remained below long-term levels, according to data services provider DataQuick.

Prices on homes also continued to increase but at one-third the rate of 2013′s pace.

DataQuick, a San Diego-based company, reported potential homebuyers are still dealing with a limited supply of inventory, prices at or near new highs and a tough lending environment.

There were 7,915 new and resale houses and condos sold in the Bay Area in June, up 0.2 percent from the 7,898 sold in May, according to DataQuick.

June sales were also up 0.2 percent from the 7,897 sold in June 2013.

In June, the median price for a home in the Bay Area reached $618,000, the highest price since the November 2007 median price reached $629,000.

The June median price increased by 0.2 percent over the May median price of $617,000 and increased by 11.4 percent over the June 2013 median price of $555,000.

The Bay Area’s median price for a home hit a low of $290,000 in March 2009.

DataQuick reported foreclosure resales accounted for 3.1 percent of all resales. That number was unchanged from May and down from 5.7 percent in June 2013.

Short sales made up 4.4 percent of all resales in June, down from 4.6 percent in May and 9.5 percent in June 2013.

Absentee buyers, who consist mostly of investors, purchased 20.8 percent of all homes sold in June. In May, that number was 19.3 percent. In June 2013, the number was 21.8 percent.

(Copyright 2014 Bay City News. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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