DataQuick reported Bay Area home sales and prices rose from May to June, but still remained below the level set last year.
There were 7,998 new and resale houses and condos purchased in the nine-county Bay Area last month which was up nearly 15 percent from May but down almost 5 percent from June 2010, which was boosted by the federal tax credits.
The median price climbed 1.5 percent from May to $377,750 but this was almost 8 percent lower than a year earlier.
Last month, builders sold only 399 newly built houses and condos in the Bay Area — down 44 percent from a year earlier. The number of such sales was the lowest since 1993.
Abnormally low sales of new homes are suppressing the median sales price, analysts said. So are the abnormally high levels of foreclosure resales, which DataQuick said are among the most aggressively priced properties on the market.
Foreclosure resales accounted for 26 percent of resold homes last month, almost unchanged from a year ago. Foreclosure properties have accounted for 9 percent of resales, on average, over the last 15 years, peaking at 52 percent in February 2009.
Short sales — transactions where the sales price is less than the amount owed on the home — made up an estimated 18 percent of Bay Area resales last month, virtually unchanged from a year ago.
Thank you for reading this post. If I can ever be of help in finding you the perfect property here in the Napa Valley, please email me at Curtis@NapaValleyAddress.com.
Your Broker Extraordinaire, selling Napa Valley Real Estate from its heart, Yountville