Industry News

San Francisco real estate price passes half million

Buyers pay median of $506,000 in May

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

The median price paid for a home in the San Francisco Bay Area passed the half-million dollar mark in May, DataQuick Information Systems reported today.   The median price paid for a Bay Area home was $506,000 last month, a new peak. That was up 2.8 percent from $492,000 in April, and up 18.5 percent from $427,000 for May of last year. That year-over-year increase was the highest since January 2001 when the $375,000 median was 20.2 percent higher than $312,000 a year before.   "There are indications now that more homes are being put up for sale. That should take some of the upward pressure off prices. It also means that sales counts will stay strong throughout the summer," DataQuick President Marshall Prentice said.   A total of 12,028 new and resale houses and condos were sold in the nine-county region in May. That was down 3.2 percent from 12,421 the month before and up 13.4 percent from 10,603 for May last year. Last month's sales count was the highest for any May i...