Bay Area home sales rise as investors plunge in

The Bay Area's nine-county region saw a total of 7,494 new and resale houses and condos change hands in December 2011, up 4.4 percent from the same month in 2010, said DataQuick, a San Diego real estate information service. It was the sixth month in a row that sales volume rose compared with the prior year.

Absentee buyers, mainly investors, were out in record numbers, DataQuick said. They accounted for almost a quarter (23.8 percent) of all the homes sold and paid a median of $225,000 in December. All-cash buyers, again largely investors, accounted for 27.4 percent of sales.

The median price paid was $351,000, a 3.5 percent slump from December 2010. It was the 15th consecutive month of a decline in the median, although it is still above the recent low of $290,000 reached in March 2009. The all-time-high median sales price for the Bay Area was $665,000 in June and July 2007.



  • January 19 2012 - US
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Glad to hear of the improvment in Bay area market.
  • January 23 2012
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Karen forgets to mention that every financial analyst who has analyzed Bay Area home prices and the ten most expensive areas in the USA has confirmed that in the bay area it is better to rent than buy (exceptions are rare). To back that up:

Saratoga Median home price is 11 X Median income
Cupertino Median home price is 10 X Median income
Sunnyvale Median home price is 9 X Median income

If private money was giving loans, only 10% of buyers would get approved and even then it would be a foolish buy decision on part of the buyer. It is tax payer backed loans that allow this foolish adventure to continue!
  • January 23 2012
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