A tracking firm says the median home price in the San Francisco Bay Area increased more than 12 percent in May from April, the second month-on-month increase in nearly two years.
"Some people are going to take this as a sign that the market has bottomed out. Maybe -- or maybe not." John Walsh, MDA DataQuick president told the Press Democrat. "We won’t know for at least half a year.”
May's median home price of $341,500 in a nine-county region of Northern California was almost 34 percent lower than the May 2008 median price of $517,000.
DataQuick also says home sales increased nearly 19 percent from a year ago. Foreclosures accounted for about 42 percent of the May sales.