SAN FRANCISCO (KCBS) -- Bay Area home prices are starting to return to normal, which means higher, according to the latest sales figures. Analysts say this could be a sign that the real estate market has finally hit bottom and is bouncing back up.
KCBS’ Doug Sovern Reports
The median sales price of a Bay Area home in October was $390,000. That's up almost seven percent from September, and four percent from October 2008, making it the first time in two years that there's been a year-to-year increase.
"It wouldn't be hard for that median to continue to ratchet up over the next six months or so assuming we don't have a lot more foreclosures," said Andrew LePage, with MDA Dataquick. "The market pendulum is moving back towards normal."
LePage says foreclosures were dragging the median down, but for the moment at least, there are fewer of them on the market. Diane Mintz, a realtor with Marvin Gardens in Berkeley, says she's definitely seeing a turnaround, with low inventory and rising prices.
"There are many buyers, many more buyers than there are houses to be sold at the moment. There are also multiple offers on everything," said Mintz.
We're still far below the peak, of $665,000, in the summer of 2007.
(MGO)
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