Bay Area House and Condo Sales Jump 44% in December
Posted by CJ de Heer on Thursday, April 8th, 2010 at 12:26pm.Federal tax credits, increased foreclosures during the year, and an army of investors looking to buy homes and second homes in and around San Francisco Bay, led to a 44% December increase in sales of houses and condominiums. The sales activity was the highest since 2006 and helped to raise the median value of homes in the area, with most communities coming in with an average of roughly $550,000.
The housing bubble which burst in 2009 has been worked through and home values can now begin to rise again. The inventory supply of homes is low right now after a buying frenzy that saw most of the foreclosed properties bought out by investors and private parties looking to get into their first home for an affordable price. In the month of December alone, 1,266 resale homes were sold in the Bay Area in just one county. Over 20% of those sales were cash sales, a sure sign of investor money being spent and a positive sign for the economy of the region.
Read the whole story: mercurynews.com
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