San Francisco Bay Area home sales jump to highest level in nearly 7 years

Home sales in the nine-county San Francisco Bay Area rose to their highest level for a July since 2005 and the highest level for any month since August 2006.

The jump “reflects pent-up demand meeting an increasing supply of homes for sale,” said San Diego-based real estate information service DataQuick.

A total of 9,339 new and existing houses and condos sold in the Bay Area in July, up 18.3 percent from June and 13.3 percent from July 2012, DataQuick said.

“There’s all this talk of a frenzy, but the fact is that we’re still looking at a Bay Area housing market that is in the process of rebalancing itself, regaining lost ground. As prices continue to rise, more homes will be put up for sale, easing the upward price pressure,” said John Walsh, DataQuick president, in a statement.

Bay Area homebuyers paid a median $562,000 for a home last month — the highest median since December 2007 and a 33.5 percent increase from July 2012. DataQuick attributed about three-quarters of that increase to actual home value appreciation and the rest to market mix in for-sale homes.

Source: DataQuick