The Bay Area housing market is continuing its sprint back to normal numbers with 7,296 new and resale homes sold in November, a 15.5% jump year-over-year, San Diego-based DataQuick reported Thursday.
This report comes one day after DataQuick announced the state of California’s November housing market success.
“Current trends are likely to stay with us well into spring, at least. One of the variables that could really impact the market would be supply – how many homes are put up for sale,” said John Walsh, DataQuick president.
The median sale price for a home in the Bay Area in November was $438,000, the highest it’s been since August 2008 and up 20.5% since last November.
Fewer distressed property sales are creating a much healthier housing market in the Bay Area with a 50.1% drop year-over-year to 35% of the resale market.
“There are still mortgage finance issues. Some loan categories are not active. But right now, low mortgage interest rates make up for that. With the mismatch between supply and demand, there’s upward pressure on prices,” Walsh added.