Industry NewsMarkets & Economy

High-end sales boost home prices

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A pickup in sales of homes financed by jumbo loans in May helped boost median home prices in the San Francisco Bay Area and the "Southland" region surrounding San Diego and Los Angeles, MDA DataQuick reported.In the nine-county San Francisco Bay Area, the median home price was up 12.3 percent from April to May, to $341,500, DataQuick said -- an 18 percent increase from the low of $290,000 seen in March.The jump was attributed to an increase in sales of homes financed by "jumbo" mortgages above $417,000. Sales of homes requiring jumbo mortgages accounted for 25.5 percent of the Bay Area's home sales in May, the highest since October.Two years ago, sales of homes financed by jumbo mortgages accounted for more than 60 percent of sales in the region, and the median home price was $665,000, DataQuick said.Sales of $800,000-plus existing single-family houses accounted for 13.2 percent of all resales in May, up from 9.8 percent in April and also a high not seen since Octob...