DQNews Archived Article

Record Bay Area Home Sales

by Real Estate Analyst John Karevoll
August, 1999

La Jolla, CA.— Bay Area home sales set a another record in July, seemingly unfazed by the recent uptick in mortgage interest rates, a real estate information service reported.

A total of 8,133 resale houses were sold in the nine-county Bay Area in July. That was up 1.3 percent from 8,031 for June, and up 4.4 percent from 7,787 for July last year, according to DataQuick Products Division.

July's sales count was the highest on record, the previous high was June's sales count.

"We expected Bay Area sales to level off or decline slightly, which is what usually happens in high-priced markets when interest rates go up. Last month's record illustrates just how strong the Bay Area's economy is right now," said Mike Ela, leader of DataQuick Products Division.

The median price paid for a resale house in July was $310,000, down 0.6 percent from $312,000 for June, and up 10.7 percent from $280,000 for July last year.

DataQuick Products Division monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts.

Resale Houses