San Francisco Bay Area home prices climb in May

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SAN DIEGO (AP)

A research firm says San Francisco Bay area home prices rose to a new 6 1/2 year high last month as tight inventories kept a lid on sales.

DataQuick said Thursday that the median sales price for new and existing houses and condominiums was $617,000 in May, up 1 percent from $610,000 the previous month and up 19 percent from $519,000 the same period last year. The median rose from a year earlier for the 26th straight month to the highest level since November 2007, though the increases have moderated since last summer.

There were nearly 7,900 homes sold in the nine-county region, up 5 percent from April but down 8 percent from last year. Sales typically pick up between April and May.

(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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