San Francisco home prices jump 17% in one month

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(AP)

SAN DIEGO (AP)

A research firm says the San Francisco Bay area’s median home price surged 17 percent in just one month, to pass the half-million dollar mark for the first time in five years.

DataQuick said Wednesday that April’s median price for new and existing homes hit $510,000 in the nine-county region, up 31 percent from the same period last year. The median price rose by $74,000 during April alone, the biggest month-to-month increase in percentage terms since DataQuick began keeping track of regional sales in 1988.

Tight supplies kept a lid on sales. Slightly more than 7,600 homes sold, down about 1 percent from April 2010. It was the third straight month that sales fell from a year earlier.

(Copyright 2013 Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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