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Bay Area Home Prices Hit 4-Year High

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SAN DIEGO (AP) — A research firm says San Francisco Bay area home prices have risen to the highest levels in four years.

DataQuick said Wednesday that the median price for new and existing homes and condominiums reached $417,000 in June.

That’s up more than 10 percent from the same period last year. Last month’s median was the highest since it was $447,000 in August 2008.

DataQuick attributes the increase to an ongoing shift in the types of homes selling, slightly improved mortgage availability and ultra-low interest rates on home loans.

The number of homes sold reached 8,600. That’s more than 7 percent from the same period last year.

DataQuick says sales have increased on a year-over-year basis for the 12th month in a row.

Copyright 2012 The Associated Press.

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