Home sales improve in Bay Area

Potential homeowners debating the real estate market may want to consider purchasing one of the homes for sale in Bay Area. The improving housing situation in the greater San Francisco region is helping to cultivate a strong local economy.

According to real estate research firm DataQuick, the median price paid for a Bay Area home in June 2012 increased to its highest level in almost four years - $417,000. This included all new and resale houses and condos sold in the nine-county Bay area in the past month. It is up 4.3 percent from $400,000 in May 2012 and improving 10.4 percent from $377,750 in the past year. This indicates that the market is seeing significant strides in the right direction.

"Some of today’s stats are similar to what we saw in the thick of the housing downturn back in 2009, only in reverse: Instead of foreclosure resales soaring they’re waning, and instead of high-end sales slumping they’re posting some of the larger sales gains," said DataQuick president John Walsh.

In addition to the rising sale prices, the number of homes sold in June 2012 increased. The source claims the number of properties sold improved 7.2 percent in a year-over-year comparison.