SF Home Sales Highest for May Since 2006

LA Times — “The San Francisco Bay Area’s housing market strengthened in May as sales leaped, pricier homes were bought and fewer foreclosures sold. Bay Area sales were at a six-year high for a May last month while sales of homes costing more than $500,000 surged, real estate information firm DataQuick reported.

Sales were up 14.8% from last month and 26.1% from May last year to total 8,810 newly built and previously owned homes sold in the Bay Area last month. The Bay Area median home price rose 2.6% from last month and was up 7.5% from May last year to hit $400,000.”

MP: With both home sales increasing (by 26.1%) in May and median prices increasing (by 7.5%), following an 8.3% increase in median prices in April, I think you’ve got the ingredients for a real estate recovery in San Francisco.

About Mark J. Perry 262 Articles

Affiliation: University of Michigan

Dr. Mark J. Perry is a professor of economics and finance in the School of Management at the Flint campus of the University of Michigan.

He holds two graduate degrees in economics (M.A. and Ph.D.) from George Mason University in Washington, D.C. and an MBA degree in finance from the Curtis L. Carlson School of Management at the University of Minnesota.

Since 1997, Professor Perry has been a member of the Board of Scholars for the Mackinac Center for Public Policy, a nonpartisan research and public policy institute in Michigan.

Visit: Carpe Diem

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