Bay Area Home Sales Surge

July 16, 2004

La Jolla, CA.----Bay Area home sales surged last month to their highest level in more than sixteen years as more homes were put on the market. Prices also hit new peaks, a real estate information service reported.

A total of 14,104 new and resale houses and condos were sold in the nine-county region in June. That was up 17.3 percent from 12,028 in May and up 34.4 percent from 10,492 for June last year, according to DataQuick Information Systems.

Last month's sales count was the highest for any month in DataQuick's statistics, which go back to 1988. The previous sales peak was 12,488 in August last year.

"There was a lack of homes for sale until a month or two ago, so there was a lot of pent up demand. As homes came on the market, buyers jumped in, getting their financing locked in before interest rates and prices rise any further," said Marshall Prentice, DataQuick president.

The median price paid for a Bay Area home was $516,000 last month, a new record. That was up 2.0 percent from $506,000 in May and up 16.5 percent from $443,000 for June last year.

DataQuick, a subsidiary of Vancouver-based MacDonald Dettwiler and Associates, monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts.

The typical monthly mortgage payment that Bay Area buyers committed themselves to paying was $2,450 in June, a new high. A year ago it was $1,860.

Indicators of market distress are still largely absent. Foreclosure rates are low, down payment sizes are stable and there have been no significant shifts in market mix, DataQuick reported. Flipping rates are increasing somewhat, but are still relatively low.

All Homes	No Sold Jun-03	No Sold Jun-04	Pct. Chg	Median Jun-03	Median Jun-04	Pct. Chg
Alameda	2,281	2,922	28.1%	$424K	$489K	15.3%
Contra Costa	2,118	2,772	30.9%	$384K	$458K	19.3%
Marin	435	544	25.1%	$636K	$690K	8.5%
Napa	185	233	25.9%	$419K	$501K	19.6%
San Francisco	617	847	37.3%	$563K	$653K	16.0%
San Mateo	803	1,122	39.7%	$567K	$646K	13.9%
Santa Clara	2,284	3,543	55.1%	$487K	$549K	12.7%
Solano	950	1,055	11.1%	$302K	$358K	18.5%
Sonoma	819	1,066	30.2%	$376K	$449K	19.4%
Bay Area	10,492	14,104	34.4%	$443K	$516K	16.5%

Source: DataQuick Information Systems, www.DQNews.com

Media Inquiries: John Karevoll (909)867-9534

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