Home Prices Rise in Bay Area

By: AP Email
By: AP Email

SAN DIEGO (AP) - Home sales in the San Francisco Bay Area jumped 6.4 percent last month over September but they were still well under the monthly average, while home prices showed only a slight increase.

The research firm DataQuick says 7,595 homes were sold in the nine-county area in October. That's down nearly 4 percent from October of last year and more than 11 percent below the October average.

The median sales price was $539,750 - up less than 2 percent from September and well below the yearly peak reached in July. The price is still nearly 30 percent higher than in October 2012.

DataQuick says there were fewer sales of distressed homes and it appears that after several disruptive years, the market's beginning to return to normal.

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