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Bay Area home sales rise as monthly median price dips

November 14, 2012|By Alejandro Lazo
  • Rows of homes in San Francisco.
Rows of homes in San Francisco. (Justin Sullivan / Getty…)

Bay Area home sales rose in October while price gains tapered off.

Sales in cheaper neighborhoods fell but took off in move-up and pricier areas. Foreclosed homes made up only a little over 1 out of 10 previously owned homes sold in the region last month, according to a report by real estate firm DataQuick.

“We’re definitely seeing less distress and foreclosure activity, and more mid- to up-market sales,” DataQuick President John Walsh said. "Supply is limited, and getting through the mortgage process is still rough.”

Sales rose 13.8% from September and 21.0% from October 2011, DataQuick said. A total of 7,795 newly built and previously owned homes sold last month.

The region’s median price — the point at which half the homes sold for more and half for less — was $416,000, a 3.0% decline from the prior month and an 18.9% gain from October last year.

Sales of homes cheaper than $300,000 fell 15.2% last month year-over-year. Sales between $400,000 to $800,000 rose 25.7% and home sales above $800,000 rose 47.1%.

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