Bay Area Home Prices Climb - NBC Bay Area

Bay Area Home Prices Climb



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    A sale pending sign is posted in front of a home for sale May 4, 2009 in San Francisco, California. A report by the National Association of Realtors says that pending home sales were up 3.2 percent to 84.6 in March as home buyers took advantage of historically low mortgage interest rates and low home prices. (Photo by Justin Sullivan/Getty Images)

    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.

    The price increase reported Thursday by San Diego-based MDA DataQuick comes as the overall number of homes sold in the Bay Area had increased for nine months in a row.

    "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.