September 3, 2014
SAN DIEGO (AP) - Housing sales are booming in the San Francisco Bay Area as pent-up demand meets increased supply.
The research firm DataQuick says 9,339 new and used homes and condos were sold in July - the highest figure for a July since 2005.
Sales in the nine-county region were up more than 18 percent from June and more than 13 percent from a year ago.
The median sales price was $562,000 - compared to $385,000 in Southern California.
The Bay Area figure is the highest since December 2007. Prices jumped slightly from June but they've risen more than a third since last July.
Meanwhile, foreclosure rates dropped.
DataQuick President John Walsh says there's talk of a frenzy, but the market really is just regaining ground lost during the housing crash.
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