DQNews Archived Article

Bay Area Home Sales Up

by Real Estate Analyst John Karevoll
August, 1996

La Jolla, CA.— Home sales in the Bay Area continued at their brisk pace in July as interest rates remained stable and prices increased, a real estate information service reported.

A total of 5,563 resale houses were sold in the nine-county region in July. That was up 1.5 percent from June's 5,480 and up 32.6 percent from 4,195 for July last year (see chart), according to DataQuick Information Systems.

July's year-over-year increase in home sales was the twelfth in a row.

"The come-back in the Bay Area's real estate market started in some of the pricier South Bay markets, but has now spread to most home categories in most areas. We expect sales to stay strong, and price increases to level off a bit in the coming months,"said Donald L. Cohn, DataQuick CEO.

The median price paid for a resale Bay Area house was $244,000 in July, down 1.2 percent from June's $247,000 and up 3.8 percent from $235,000 for July a year ago. Price fluctuations are influenced by changes in home values and by shifts in market mix. Year-over-year prices have increased every month so far this year.

DataQuick, which was acquired by Conway, Ark.-based Acxiom Corp. last year, monitors all real estate purchasing and financing nationwide, and provides information to consumers, lending institutions, title companies and industry analysts.

Sales in other home categories were also up in July. Sales of resale condos have been increasing since September and sales of newly-built homes have been up since October, DataQuick reported.

Resale houses

	#Sold	#Sold	Pct.	Med($K)	Med($K)	Pct.
	Jul-95	Jul-96	Chng.	Jul-95	Jul-96	Chng.
Alameda	831	1,097	32	$208	$215	3.4
Contra Costa	796	936	17.6	$225	$220	-2.2
Marin	196	304	55.1	$340	$325	-4.4
Napa	61	71	16.4	$173	$180	4
San Francisco	252	344	36.5	$265	$271	2.3
San Mateo	403	590	46.4	$305	$305	0
Santa Clara	1,014	1,406	38.7	$253	$275	8.7
Solano	273	344	26	$143	$151	5.6
Sonoma	369	471	27.6	$190	$190	0
Bay Area	4,195	5,563	32.6	$235	$244	3.8

Source: DataQuick Information Systems

For more information call John Karevoll (909)867-9534

Copyright © 1996 DataQuick Information Systems.
All rights reserved.