Categories: blog

Bay Area real estate market stays hot, as home sales and prices keep increasing | Bedford Corners Real Estate

The median price of a Bay Area home remained at a near-four-year-high in July and sales increased for the 13th consecutive month, as the real estate market continues to recover from the depths of the Great Recession with a renewed emphasis on higher priced homes.

Nearly 8,500 homes sold in July, representing a 22.9 percent increase from July of the previous year, at a median price of $421,000, 12.6 percent higher than the previous July, DataQuick reported Wednesday.

Sales have increased year-over-year in every month since July of 2011, and the median price is at its highest since August of 2008, when home prices were beginning to descend amid a wave of foreclosures attributed to the subprime mortgage crisis.

DataQuick attributed the continuing rise in both sales and prices to the market straying away from the pervasive pattern of foreclosure purchases, with demand for medium- and high-priced homes returning. The real estate tracking company said that about half of the growth in median price could be attributed to buyers targeting higher-priced homes.

“The market has really been lopsided the past couple of years, tilted toward low-end bargain chasing. Now it’s re-balancing, slowly, with increased activity in mid and move-up markets,” DataQuick president John Walsh said Wednesday.

Robert Paul

Robert is a realtor in Bedford NY. He has been successfully working with buyers and sellers for years. His local area of expertise includes Bedford, Pound Ridge, Armonk, Lewisboro, Chappaqua and Katonah. When you have a local real estate question please call 914-325-5758.

Recent Posts

Out of Sevice with brain injury since November.

Just back out of hospital in early March for home recovery. Therapist coming today.

1 year ago

Existing home sales down 28% | Katonah Real Estate

Sales fell 5.9% from September and 28.4% from one year ago.

1 year ago

Single-Family Housing Contraction Continues | Bedford Hills Real Estate

Housing starts decreased 4.2% to a seasonally adjusted annual rate of 1.43 million units in…

1 year ago

Closed Median Sale Price in Hudson Valley/NYC Markets Declined by 2.50% in October | Bedford Real Estate

OneKey MLS reported a regional closed median sale price of $585,000, representing a 2.50% decrease…

1 year ago

Building Materials Prices Decline for Second Consecutive Month | Pound Ridge Real Estate

The prices of building materials decreased 0.2% in October

1 year ago

Mortgage rates drop with inflation drop | Bedford Corners Real Estate

Mortgage rates went from 7.37% yesterday to 6.67% as of this writing.

2 years ago

This website uses cookies.