Industry News

Real estate sales slide in S.F. Bay Area

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Home sales in the Bay Area hit their second-highest level in June as the median sales price passed $600,000 for the first time, according to DataQuick Information Systems, a real estate information service. A total of 13,014 new and resale houses and condos were sold in the nine-county region last month. That was up 2.5 percent from 11,308 for May, and down 7.7 percent from 14,104 for June last year, DataQuick reported. The year-ago June sales count was the highest in DataQuick's statistics, which go back to 1988. "Robust demand, unchanging mortgage interest rates and a few more homes on the market are the likely factors behind the strong June numbers. We expect the rest of the summer to be like this," said Marshall Prentice, DataQuick president. The median price paid for a Bay Area home was $610,000, a new record. That was up 2.5 percent from $595,000 in May, and up 18.2 percent from $516,000 for June a year ago. The median passed through the $500,000 range in 13 months &ndash...